
Export-Import Bank Approves Financing for Export of 144 American-Made Bridges to Sub-Saharan Africa
Tuesday, June 23, 2015
(Ex-Im Bank)
Transaction will support jobs in Pennsylvania,
Delaware, New Jersey, and several other states
Washington, D.C. – The Export-Import Bank of
the United States (EXIM) Chairman and President
Fred Hochberg announced today in New Castle,
Delaware that the Bank will finance the sale of
Acrow Corporation of America’s modular steel
bridge components to the Road Development
Agency in the Republic of Zambia (ROZ). EXIM
will guarantee a $73 million commercial loan to
facilitate the export of 144 steel bridges.
This action is expected to support
approximately 200 jobs at Acrow’s manufacturing
facility in Milton, Pennsylvania along with
thousands more in Delaware, New Jersey and
several other states.
In pursuit of its congressional mandate to
support the export of U.S.-made goods and
services to the Sub-Saharan region, EXIM
authorized more than $2 billion in financing to
support such exports in 2014, the largest total
in the Bank’s 81-year history.
"With this transaction, we’ve not only leveled
the playing field for an American manufacturer
in a highly competitive global market, but
we’ve also empowered Acrow to hire more
American workers,” said EXIM Chairman and
President Fred P. Hochberg. "This deal is a
great example of how EXIM financing equips
American exporters to beat the competition
overseas while supporting jobs at home."
Acrow’s competitive proposal was chosen over
those developed by its European and Chinese
counterparts in a market that has historically
been the focus of substantial Chinese
investment, thanks to the financing it applied
for and received from the Bank. As a result,
the company’s bridges will be used in ROZ’s
repair and modernization plan to improve
Zambia’s rural road infrastructure, connecting
people to schools, hospitals and enhanced
economic opportunities.
“These EXIM Bank-supported projects transform
Acrow Bridge's international presence by
offering clients financing alternatives that
assist emerging markets in accessing immediate
and profound upgrades to their bridging
infrastructure, particularly in rural areas
where agricultural development depends so
heavily on quality road and bridge networks,”
said Acrow President and CEO Bill Killeen.
“The Zambia project will build on Acrow
Bridge’s decades-long commitment to providing
high-quality bridge infrastructure solutions in
Africa, with a special focus on local skills
capacity building,” added Paul Sullivan,
Acrow’s Vice President of International
Business Development.