Board Member and EXIM Leadership Discuss How EXIM Serves as a Strong, Reliable Partner for U.S. Companies Exporting to Sub-Saharan Africa during Three-Day Conference
FOR IMMEDIATE RELEASE February 24, 2020
Office of Communications (202) 565-3201
Miami – Export-Import Bank of the United States (EXIM) Board Member Judith D. Pryor today underscored how EXIM can further trade and investment opportunities for U.S. exports of American-made goods and services that will help increase energy access across sub-Saharan Africa.
Director Pryor gave keynote remarks at the 6th Powering Africa Summit (PAS), highlighting how EXIM can work with U.S. businesses seeking to export their American-made goods and services to Africa. She also underscored EXIM’s commitment to furthering Prosper Africa, a whole-of-government economic initiative aimed at substantially increasing two-way trade and investment between the United States and Africa. The summit includes more than 370 delegates from North America, Africa, and Europe discussing energy and investment projects. EXIM is an endorsing partner for the annual event.
“Our seven-year authorization should provide African buyers and U.S. exporters of all sizes with the certainty that EXIM is in it for the long haul,” Director Pryor said. “But we can only do that if we have American companies—with American goods and services—engaging in bids and pursuing opportunities, along with African buyers who like what American companies have to offer when it comes to the power sector: capital, technology, and know-how.”
“Sub-Saharan African countries are important partners to the United States, as we are to them. EXIM is proud to be a key partner in both the Power Africa and Prosper Africa initiatives as we seek to enhance these mutually beneficial relationships,” Director Pryor added.
Earlier in the day, Director Pryor also gave keynote remarks to a gathering of Power Africa partners. She outlined how EXIM can facilitate mutually beneficial relationships by helping American businesses unlock opportunities to do business in sub-Saharan Africa – which benefits businesses, workers, and economies in both Africa and the United States. Power Africa is a U.S. government-led partnership that brings together the collective resources of more than 170 public and private-sector partners to double access to electricity in sub-Saharan Africa, where 70 percent of the population lacks electricity.
With six of the 10 fastest growing economies in the world and more than one billion consumers, Africa is poised to play a pivotal part in the global economy. EXIM can play a critical role in helping American business take advantage of these opportunities, while simultaneously creating and sustaining U.S. jobs. Sub-Saharan Africa is a priority region for EXIM, and since May 2019, the agency has authorized more than 40 deals to sub-Saharan Africa, totaling more than $5 billion.
On Wednesday, EXIM officials will participate in several panel discussions on key energy topics at the Powering Africa Summit:
- Senior Vice President for External Engagement Luke Lindberg will participate in a panel discussion about guidelines to government and financial institutions for scaling-up renewable energy projects.
- Senior Business Development Specialist Craig O’Connor will participate in a panel discussion about achieving sustainable development goals in Latin America through investment in clean energy. The panel is part of the 4th Latin American Energy Forum, held in conjunction with the Powering Africa Summit, which is focusing on regional investment and the evolving energy sector across Bolivia, Argentina, Mexico, Trinidad & Tobago, Colombia, Peru, and Brazil.
- Lindberg and O’Connor will be joined by Director of Africa Rick Angiuoni for an interactive roundtable discussion on the future of export credit.
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.