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-- WITH PHOTO -- TO BUSINESS, FOREIGN, AND NATIONAL EDITORS:
Ex-Im Bank Signs $100 Million Agreement with PTA Bank
WASHINGTON, April 11, 2014 /PRNewswire-USNewswire/ -- Fred P.
Hochberg, chairman and president of the Export-Import Bank of the
United States (Ex-Im Bank), and Admassu Tadesse, president and chief
executive of the Eastern and Southern African Trade and Development
Bank (PTA Bank), signed a $100 million memorandum of understanding
(MOU) at a conference hosted by the U.S. Chamber of Commerce at the GE
"Garage" here yesterday.
"Yesterday we reached an agreement to work with members of the
sub-Saharan African Diaspora community in America who wish to export
U.S. goods and services to their home countries. The agreement aligns
with the White House's 'U.S. Strategy Toward sub-Saharan Africa,'
which focuses on growth in the region," said Chairman Hochberg. "By
engaging Diaspora-owned businesses, the arrangement will help U.S.
companies capitalize on unique opportunities abroad and support jobs
here at home while contributing to the development of sub-Saharan
Africa."
The MOU signing capped a conference titled "Unlocking Growth in
Africa: How the Diaspora can Partner with the Public and Private
Sectors in the U.S. and Africa" held at the GE-powered "Garage," a new
high-tech experiential showcase where visitors can try out the latest
technologies, including 3D printers and laser cutters.
According to the MOU, Ex-Im Bank and PTA Bank will explore options for
utilizing up to $100 million in Ex-Im Bank medium- and long-term loan
guarantees and/or direct loans to finance U.S. exports to sub-Saharan
Africa that target both Diaspora businesses in the U.S. and PTA Bank's
member states.
Ex-Im Bank and PTA Bank have joined forces on number of transactions
over the last 15 years to boost trade finance and U.S. exports to
Africa. In 2011, Ex-Im Bank guaranteed a $60 million loan extended by
HSBC to PTA Bank that financed the sale of American aircraft to
Rwanda's RwandAir Express.
"PTA Bank has been growing its financing by about 30% per annum, of
which close to half has gone into energy and infrastructure, with the
renewable sub-sector a beneficiary. In the past two years, we have
co-financed several independent power producers in various countries
such as Kenya, Mauritius, Tanzania and Uganda, including wind farms
and mini-hydros," Mr. Tadesse said. "We are keen on furthering our
financing of infrastructure and power development, and are looking
forward to expanded financial cooperation with long-standing partners
such as U.S. Exim Bank, among others."
PTA Bank is a multilateral development bank that provides development
capital and services to advance regional growth and integration.
In the past four years, Ex-Im Bank has authorized more than $4 billion
in financing for U.S. exports to sub-Saharan Africa. In FY 2013 alone,
Ex-Im Bank authorized a record 188 transactions totaling $604 million
to facilitate exports to the region. Ex-Im Bank-supported exports
accounted for three percent of all U.S. merchandise exports to
sub-Saharan Africa during the same timeframe.
ABOUT EX-IM BANK:
Ex-Im Bank is an independent federal agency that creates and maintains
U.S. jobs by filling gaps in private export financing at no cost to
American taxpayers. The Bank provides a variety of financing
mechanisms, including working-capital guarantees, export-credit
insurance and financing to help foreign buyers purchase U.S. goods and
services. In the past fiscal year alone, Ex-Im Bank earned for U.S.
taxpayers more than $1 billion above the cost of operations.
In FY 2013, Ex-Im Bank approved more than $27 billion in total
authorizations to support an estimated $37.4 billion in U.S. export
sales and approximately 205,000 American jobs in communities across
the country. For the year, the Bank approved a record 3,413
transactions-- or 89 percent--for small-businesses. Small business
exporters can learn about how Ex-Im Bank products can help them
increase foreign sales at http://go.usa.gov/ZVTd. For other
information about Ex-Im, visit www.exim.gov.
Logo - http://photos.prnewswire.com/prnh/20110414/MM83673LOGO
SOURCE Export-Import Bank of the United States
-0- 04/11/2014
/CONTACT: Lawton King (202-565-3200)
/Photo: http://photos.prnewswire.com/prnh/20110414/MM83673LOGO
PRN Photo Desk, photodesk@prnewswire.com
/Web Site: http://www.exim.gov
CO: Export-Import Bank of the United States; PTA Bank
ST: District of Columbia Africa
IN: FIN
SU: EXE FOR TRD
PRN
-- DC03726 --
0000 04/11/2014 16:59:00 EDT http://www.prnewswire.com
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