Ex-Im Approves $15.7 Million Direct Loan to Finance Export of American-made Fire Trucks to Nigeria
January 10, 2013
(Ex-Im Bank)
Washington, D.C. – The board of the Export-Import Bank of the United States
(Ex-Im Bank) has authorized a $15.7 million direct loan to the state government
of Lagos, Nigeria, to underwrite the purchase of 32 American fire-fighting
vehicles manufactured by W.S. Darley & Co. (Darley) of Itasca, Ill.
The loan, which is in line with the Administration’s “Doing Business in Africa
Campaign,” will support approximately 100 U.S. jobs, according to bank estimates
derived from Departments of Commerce and Labor data and methodology. Moreover,
65 percent of the financing is expected to support American small businesses.
“This transaction reflects our continued commitment to increasing exports to
sub-Saharan Africa while supporting American small-business jobs,” said Ex-Im
Bank Chairman and President Fred P. Hochberg. “Additionally, the financing,
which targets one of our nine key markets, ensures the government of Lagos can
respond efficiently and effectively to emergency situations.”
The State of Lagos, which is home to Nigeria’s commercial center and largest
city of the same name, plans to upgrade its fleet of fire-fighting vehicles. The
governor of Lagos has declared that the expansion and re-equipping of the fire
service is an urgent matter of state security.
Darley is a family-owned small business founded in 1908. The company, which has
exported its products to foreign markets since the 1940s, designs and
manufactures firefighting trucks, equipment, pumping, and safety gear.
“Darley Company is excited to have the opportunity to work with the Lagos
Nigeria Fire Service on this important contract,” said Peter Darley, vice
president of Darley. “This project was only possible because our customer was
able to secure financing with the assistance of Ex-Im. As a small business, this
type of support meant we were able to compete with other companies outside of
the US for this business. Darley, as well as some of our key partner suppliers,
will need to hire new employees so we can fulfill this order.”
Darley’s Africa Representative, Trinity International Inc. of Potomac, Md.,
arranged the transaction.
In FY 2012, Ex-Im Bank authorized more than $1.5 billion to support U.S. exports
to sub-Saharan Africa.
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