|
|
Ex-Import Bank of the United States
Press Release
African Export-Import Bank receives
delegated authority to commit up to $40 million Ex-IM Bank
financing
WASHINGTON, D.C.: To make it easier and faster for African buyers to
obtain Ex-Im Bank support for their purchases of U.S. goods
and services, the Export-Import Bank of the United States
(Ex-Im Bank) has approved special delegated authority for
the African Export-Import Bank (Afreximbank) to provide up
to $40 million in Ex-Im Bank short-term and medium-term
financing. The delegated authority is for one year from the
date of board approval.
With this authorization, Afreximbank will have the credit
capacity to finance multiple Ex-Im Bank-backed short-term
and medium-term transactions with less administrative
involvement by Ex-Im Bank staff and reduced processing time.
The primary source of repayment will be Afreximbank. In
addition, the facility will serve as a new marketing tool
for both Ex-Im Bank and Afreximbank to promote the purchase
of U.S. goods and services in Africa.
“Ex-Im Bank welcomes this opportunity to leverage our
resources through Afreximbank on behalf of U.S. - African
trade,” said Ex-Im Bank Chairman and President James H.
Lambright. “With the help of Afreximbank, our products will
be more accessible in Africa, which we believe will benefit
both African buyers and U.S. companies by expanding U.S.
exports to sub-Saharan Africa.”
"This facility provides tremendous opportunity for
Afreximbank to support our numerous clients in oil services,
aviation, manufacturing, telecommunications and power. The
doors are now open to our clients to consider the U.S.
market as they source raw materials and equipment for export
manufacturing, infrastructure and related projects. We thank
Ex-Im Bank for this support and look forward to expanding
this relationship to our mutual benefit,” said Afreximbank
President Jean-Louis Ekra.
Afreximbank is a multinational financial institution that
was established in 1993 by African governments and private
and institutional investors to promote and finance African
trade. It currently includes more than 30 African states
among its 120 shareholders. Afreximbank’s objectives include
extending short-term credit and medium-term loans to African
exporters and importers and financing imports needed for
trade development, such as equipment, spare parts and raw
materials.
Ex-Im Bank is the official export-credit agency of the
United States.
The independent, self-sustaining federal agency, now in its
74th year, helps create and maintain U.S. jobs by financing
the sale of U.S. exports, primarily to emerging markets
throughout the world, by providing loan guarantees,
export-credit insurance and direct loans.
In fiscal year 2007, Ex-Im Bank authorized $12.6 billion in
financing to support an estimated $16 billion of U.S.
exports worldwide. The Bank authorized more than $386
million in export-credit insurance and guarantees, as well
as $47.5 million in working capital guarantees, to support
U.S. exports to sub-Saharan Africa in FY 2007. For more
information, visit
www.exim.gov.
Export-Import Bank
March 3, 2008
|
