Ex-Im Bank Approves Record $1.7 Billion in Financing of U.S. Exports to Sub-Saharan Africa
August 5, 2014
(Ex-Im Bank)
$3 Billion in Financing Support Pledged for
U.S. Exports Over the Next 2 Years
Washington, D.C. – The Export-Import Bank of
the United States (Ex-Im Bank) announced today
that it has authorized a record $1.7 billion in
financing to support U.S. exports to
sub-Saharan Africa over the past 10 months.This
record-setting surge has not only empowered
U.S. small businesses to sell their products in
global markets, but has also supported more
than 10,000 American jobs which contribute to
strengthening the U.S. economy.
The announcement was made as Ex-Im Bank
Chairman and President Fred P. Hochberg
participated in the U.S.-Africa Leaders Summit
convened by President Barack Obama this week in
Washington D.C.The summit has drawn about 50
heads of state, ministers, and business leaders
from across the African continent.
"Ex-Im Bank is firmly committed to equipping
U.S. exporters to realize the vast economic
opportunities emerging throughout sub-Saharan
Africa, which is home to seven out of 10 of the
world's fastest-growing markets," said Ex-Im
Bank Chairman and President Fred P.
Hochberg."Each transaction the Bank supports
creates jobs for local U.S. businesses and
strengthens our relationship with a region that
has a strong prospect for long-term economic
growth."
Ex-Im also announced that it will pledge $3
billion in financing to support U.S exports to
sub-Saharan Africa over the next two fiscal
years.The Bank also recently signed a
memorandum of understanding (MOU) with Angola
to strengthen collaboration on the financing of
American-made exports to Angola.
Recent Ex-Im Bank success stories in
sub-Saharan Africa:
Ex-Im approved a loan guarantee for $17 million
to support long-term financing by the West
African Development Bank (BOAD) for the Azito
Power project in Cote D'Ivoire. Two-thirds of
the population of Sub-Saharan Africa lacks
electricity; by strengthening their power
capacity, however, their economies will be
well-positioned for growth.Financing for steam
turbines used in the Azito Power project will
support 40 manufacturing and engineering jobs
in Schenectady, New York, and Bangor, Maine.
Three Louisana small businesses benefit from
Ex-Im's $43 million financing of a liftboat
destined for Nigeria. The "Bellator" liftboat
is a self-propelled vessel, 150-foot long by
118-foot wide, that lifts and suspends
equipment and personnel up to the level of an
offshore drilling platform.About 300 employees
of C.S. Liftboats, Inc., of Abbeville,
Louisiana, together with Gulf Island
Fabrications of Houma, Louisiana, will
construct the high-tech vessel.The Nigerian
buyer also contracted for prefabricated
liftboat-mounted modules for housing workers;
these are built by Fiberglass Unlimited Inc. of
Raceland, Louisiana.This is Nigeria's first
purchase of a new, American-made liftboat
system.
Pennsylvania employees of GE Transportation
will benefit from the Bank-supported export of
GE's locomotives with Pennsylvania-made engines
and components to Transnet in South Africa.In
its recent transaction, Ex-Im Bank authorized a
$563.5 million loan guarantee to support
financing for the sale of 293 locomotives being
manufactured by GE Transportation, which will
support an estimated 2,500 U.S. jobs.
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