Underscores EXIM’s Commitment to Helping U.S. Companies Increase Exports to the Region
FOR IMMEDIATE RELEASE February 26, 2020
Office of Communications (202) 565-3201
Washington, D.C. – President and Chairman of the Export-Import Bank of the United States (EXIM) Kimberly A. Reed today addressed a meeting of the President’s Advisory Council on Doing Business in Africa (PAC-DBIA), highlighting how EXIM can help U.S. businesses export their American-made goods and services to Africa.
In her remarks, Chairman Reed underscored EXIM’s commitment to both PAC-DBIA and Prosper Africa, a whole-of-government economic effort to substantially increase two-way trade and investment between the United States and Africa.
She also commended the Council for its work on behalf of American companies. Notably, the first recommendation in the PAC-DBIA’s September 2018 report to President Donald J. Trump was to make EXIM fully functional once again. In December 2019, Congress passed and President Trump signed EXIM’s historic seven-year reauthorization.
At the end of 2019, EXIM’s export financing support to sub-Saharan Africa was over $8 billion, the highest in the agency’s history. Since May 2019, when Chairman Reed took office, the agency has authorized more than 40 deals to sub-Saharan Africa, totaling over $5 billion. EXIM has a congressional mandate to promote the expansion of the agency’s financial commitment in sub-Saharan Africa.
“Supporting economic growth and development in Africa delivers mutual benefits to both the United States and our partners in Africa. With six of the 10 fastest growing economies in the world and more than one billion consumers, Africa is poised to play a pivotal role in the global economy, especially if it can unleash the talents and aspirations of its young and growing population,” said Chairman Reed. “In 2018, the United States exported $26 billion merchandise to Africa, but at the same time, China exported $104 billion. EXIM is here to help our American businesses and workers increase their share of this growing marketplace.”
Chairman Reed offered support for the PAC-DBIA Keys to Success Report, which was adopted by the Council and highlights financing support available from EXIM. The meeting was presided over by the PAC-DBIA co-chairs, UPS President of Global Public Affairs Laura Lane and GE Africa President and CEO Farid Fezoua, while U.S. Deputy Secretary of Commerce Karen Dunn Kelley gave opening remarks.
The PAC-DBIA was established in 2014 to provide analysis and recommendations to the President, through the Secretary of Commerce, on strengthening commercial engagement between the United States and Africa. In its third term, 2019-2021, the PAC-DBIA continues to play a critical role informing U.S. government policies and activities across the continent. In June 2019, President Donald J. Trump appointed the current 26 members, who represent small, medium, and large U.S. companies as well as a diverse range of industries and economic sectors.
At its February 11 meeting, EXIM’s Sub-Saharan Advisory Committee (SAAC) voted unanimously to adopt a letter of recommendations underscoring “how the Export-Import Bank of the United States and other United States Government agencies work more closely together to achieve the vision of President Trump’s Prosper Africa initiative.” Among the PAC-DBIA members at today’s meeting was Acrow Bridge, a longtime EXIM customer whose President – International Business Paul Sullivan is a SAAC member.
In September 2019, Chairman Reed participated in a roundtable discussion in New York City, which was held in conjunction with the United Nations General Assembly (UNGA) and highlighted how EXIM support for American exports creates economic growth and prosperity in both the United States and Africa. Delegations from Angola, Cote d’Ivorie, the Democratic Republic of the Congo, Kenya, Senegal, and South Africa attended the event.
In May 2019, Chairman Reed led the U.S. Presidential Delegation to the inauguration of His Excellency Cyril Ramaphosa, President of the Republic of South Africa.
Since a quorum was restored in May, the Board of Directors has considered several transactions to support investment in Africa:
- Approving the largest transaction in EXIM’s history in September, a $5 billion direct loan for development and construction of an integrated liquefied natural gas (LNG) project in Mozambique that supports an estimated 16,400 U.S. jobs in seven states.
- Approving a preliminary commitment in October for $86 million to support export of electrical and renewable-energy equipment to Senegal from an Illinois small business that supports an estimated 500 U.S. jobs in 14 states.
- Approving a preliminary commitment in July to support export of construction equipment and related goods and services to Cameroon from a New Jersey small business that supports an estimated 400 jobs in nine states.
EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to overseas purchasers of U.S. goods and services. A robust EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments. EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, approximately 90 percent of the total number of the agency’s authorizations has directly supported small businesses. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of U.S. debt.
For more information about EXIM, please visit www.exim.gov.