FOR IMMEDIATE RELEASE January 6, 2000
Nancy Publicover (202) 565-3200
WASHINGTON-Medium-term financing from The Export-Import Bank of the United States (Ex-Im Bank) is helping U.S. exporters sell $5.7 million of U.S.-manufactured construction equipment, excavation equipment, freighters, trailers, used trucks spare parts, and housing materials to Ghana in seven separate transactions, benefitting four U.S. exporters and nine additional U.S. suppliers.
An Ex-Im Bank medium-term loan guarantee is enabling Bmil International, Inc., New York, N.Y. and three additional suppliers (Bally Refrigeration Boxes Inc., Hagerstown, Md.; Jamison Door Co., Hagerstown, Md.; and Cesa Inc., Tuscan, Texas) to sell $983,416 of refrigeration units and equipment to Felibat Cold Stores Ltd., a Kumasi poultry distributor. First International Bank, Hartford, Conn. is financing Felibat's purchase.
Dom-Ex Inc. of Hibbing, Minn. is using Ex-Im Bank's medium-term guarantee to sell a total of $2 million of construction equipment to Accra buyers in two transactions: Erdmac Company Ltd., an equipment rental company, will purchase a motor grader, tractors, a hydraulic excavator, and a tractor truck head unit supplied by Caterpillar Inc., Peoria, Ill. and Ford Automotive Companies Operations, Inc. Dearborn, Mich. Credo Limited will purchase construction and excavation equipment supplied by Mack Truck, Allentown, Pa. and Caterpillar. Financing for both sales is provided by First International Bank, Hartford, Conn.
America Homes International of Baltimore, Md. is selling $755,409 of prefabricated housing materials to Hydraform Estate Ghana, Ltd. of Accra, with the backing of an Ex-Im Bank medium-term loan guarantee and financing from Allfirst Bank, Baltimore, Md. In addition to American Homes, suppliers include Metwood, Inc. of Troutville, Va. and Location Logistics Inc. of Annapolis, Md.
Long-time Ex-Im Bank customer U.S. Equipment of Red Oak, Texas is relying on Ex-Im Bank's medium-term guarantee to complete three recent transactions -- the $616,250 sale of seven freighters and seven trailers to Premier Trading Company Limited of Accra; the sale of $850,815 of used trucks and spare parts to African Roots Company, Ltd. of Obuasi; and the sale of $498,831 of used trucks and related parts manufactured by Navistar Inc., Chicago, Ill. to K. Gyamfic Enterprises Ltd. of Tema.
In fiscal year 1999, Ex-Im Bank approved more than $145 million in financing for U.S. exports to Ghana, out of nearly $600 million to sub-Saharan Africa. Ex-Im Bank is an independent U.S. government agency that assists in financing the export of U.S. goods and services to developing markets around the world, through export credit insurance, working capital loan guarantees, loan guarantees, and direct loans.
*Stay abreast of Ex-Im Bank's initiatives in Africa with E-mail Africa, a monthly interactive electronic newsletter available from Ex-Im Bank. Contact ExImAfrica@exim.gov to subscribe.