EXIM Bank Signs Memorandum of Understanding with PTA Bank to Increase Trade Between US and Africa
September 21, 2016
(Ex-Im Bank)
MOU Could Provide Up to $100 million to Finance the Purchase of American Goods
and Services
Washington, D.C. – Fred P. Hochberg, Chairman and President of the Export-Import
Bank of the United States (EXIM), and Admassu Tadesse, President and Chief
Executive of Eastern and Southern African Trade and Development Bank (PTA Bank),
today signed a memorandum of understanding (MOU) with the goal of increasing the
trade of goods and services between the U.S. and sub-Saharan Africa at the U.S.
Business Africa Forum (USABF) in New York City.
“Now is a time for U.S. businesses to seize unparalleled opportunities in
sub-Saharan Africa,” said Chairman Hochberg. “This memorandum builds on a
partnership that will advance EXIM’s mandate to promote the purchase of U.S.
goods and services in the public and private sectors in sub-Saharan Africa.”
They were joined at the signing ceremony by EXIM Bank Vice Chair and First Vice
President Wanda Felton.
The MOU is a statement of general intent between EXIM and PTA Bank to exchange
information on trade and business opportunities in key sectors, including
commodities; agriculture and food products; medical equipment; water and
sanitation; power and energy; infrastructure; and large and small equipment
purchases.
“PTA Bank and EXIM are long standing partners with over a decade of
cooperation,” said Mr. Tadesse. “As a fervent supporter of the UN Sustainable
Development Goals, PTA Bank will continue to build and serve the region in areas
such as infrastructure and power development amongst others, with trusted
partners such as EXIM.”
Under the MOU, EXIM and PTA Bank will explore options for utilizing up to $100
million dollars in EXIM financing programs, including EXIM Bank short-, medium,
and long-term financing programs. Since 2009, EXIM has supported more than $8
billion in exports to Africa, approximately 90 percent of which went to the
sub-Saharan region.
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