EXIM Supports Exports of Wabtec Locomotives from Erie, Pennsylvania, to Cameroon
July 18, 2019
(Ex-Im Bank)
Washington, D.C. – Wabtec Corporation is selling four diesel-electric
locomotives to Cameroon Railways (Camrail) in Cameroon with the backing of a
total of $13 million in loan guarantees from the Export-Import Bank of the
United States (EXIM).
Two EXIM medium-term guarantees, approved in May, will support loans from
Standard Chartered Bank in New York for the purchase of four C30ACi locomotives
manufactured at Wabtec’s facility in Erie, Pennsylvania. The borrower is
Cameroon’s Ministry of Economy, Planning, and Regional Development. The Wabtec
locomotives will be used on passenger trains as part of Camrail’s fleet
renewal and modernization plan.
To draw attention to the White House’s Made in America Week, EXIM is
showcasing companies such as Wabtec whose success in exporting illustrates how
American businesses—small and large—contribute to U.S. economic prosperity
by sustaining and creating jobs in the United States.
The Wabtec transactions also demonstrate EXIM’s commitment to meeting the
agency’s congressional mandate to increase support for U.S. exports to the
vital and growing markets of sub-Saharan Africa.
The former Cameroon National Railway was privatized and concessioned to Camrail
in 1999. Camrail, which is majority privately owned, owns all rolling stock and
is responsible for overseeing all freight and passenger operations, along with
freight-rail investments. The Cameroonian government has responsibility for
investments related to passenger rail.
Wabtec Corporation is a
leading global provider of equipment, systems, digital solutions and value-added
services for freight and transit rail. Drawing on nearly four centuries of
collective experience across Wabtec, GE Transportation, and Faiveley Transport,
the company has unmatched digital expertise, technological innovation, and
world-class manufacturing and services, enabling digital-rail and transit
ecosystems. Along with its portfolio of products and solutions for the rail and
transit industries, Wabtec is a leader in mining, marine, and industrial
solutions. Wabtec has approximately 27,000 employees worldwide.
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