Ex-Im Bank Approves Record $1.5 Billion in Financing of U.S. Exports to Sub-Saharan Africa in First Three Quarters of FY 2012
Ex-Im Bank Approves Record $1.5 Billion in Financing of U.S. Exports to Sub-Saharan Africa in First Three Quarters of FY 2012
Ex-Im Bank Expands Cover Policy in Cameroon, Ethiopia, Tanzania and Angola
WASHINGTON, Aug. 10, 2012 /PRNewswire via African Press Organization (APO)/ — In the first three quarters of FY 2012, the Export-Import Bank of the United States (Ex-Im Bank) approved a historic $1.5 billion in financing to support U.S. exports to sub-Saharan Africa, surpassing the previous record of $1.4 billion for the entire year in FY 2011.
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The increase was driven by export growth in several sectors, including machinery, vehicles and parts, commodities and aircraft. Two of the top markets for U.S. exports in the region are South Africa and Nigeria, which are among Ex-Im Bank’s nine key country markets.
“Proportionately, Ex-Im Bank supports more U.S. exports to sub-Saharan Africa than it does to the world at large. Last year, we financed 6.7 percent of U.S. exports to this region. With this new record in sub-Saharan authorizations already achieved in FY 2011, we are on target to increase that percentage,” said Ex-Im Bank Chairman and President Fred P. Hochberg.
“Sub-Saharan Africa is a priority region because many countries have strong prospects for long-term economic growth and infrastructure development. We want to help more U.S. exporters increase their sales to this emerging region,” he added.
In 2012, Ex-Im Bank expanded its cover policies in four sub-Saharan African countries: Cameroon (opened for long-term in the public sector), Ethiopia (opened for short-term and medium-term in both the public and private sectors), Tanzania (opened for long-term in the public sector) and Angola (opened for long-term in the private sector). The cover policies changes were approved by the Bank’s board of directors, following upon country-risk upgrades determined through an interagency country-risk
Category: Africa News
