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EXIM Bank Signs Memorandum of Understanding with PTA Bank to Increase Trade Between US and Africa

Wednesday, 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.