FOR IMMEDIATE RELEASE November 7, 2002
Marianna Ohe (202) 565-3200
The Export-Import Bank of the United States (Ex-Im Bank) has approved an $11 million medium-term guarantee to support the $10 million sale by Adam & Associates International, Inc., Brookline, MA, and other U.S. suppliers of medical equipment, supplies and services to Nigeria for HIV/AIDS and tuberculosis prevention and treatment. The Ex-Im Bank guarantee also covers financing fees and project-related architecture and engineering services in the buyer's country.
Normally you see Ex-Im Bank facilitating the sale of U.S. products such as turbines, trucks or telecommunications equipment to sub-Saharan Africa, said Joseph Grandmaison, a member of Ex-Im Bank's board of directors. While we are proud of that work, we're especially gratified when the U.S. exports supported are badly needed U.S. medical equipment and supplies.
We are extremely grateful for the support of Ex-Im Bank in this much-needed program for Nigeria, said Adam & Associates President Susan W. Adam. The healthcare needs of the Nigerian people, particularly the need to acquire tools to fight the pandemic of HIV/AIDS and tuberculosis, makes this support timely and critical. Adam & Associates, together with Riggs Bank, looks forward to continuing to work with Ex-Im Bank to bring expandable programs to Nigeria that will benefit not only U.S. exporters, but the Nigerian people as a whole.
U.S. suppliers on the export sale are expected to include GE Medical Systems, Northbridge, MA, and Abbott Laboratories' Diagnostics, Bedford, MA. The buyers, Yobe State and Nasarawa State in northern Nigeria, will use the equipment to develop mobile health clinics and HIV/AIDS and tuberculosis prevention, diagnostic and treatment programs in their regions.
The guaranteed lender on the transaction is Riggs Bank N.A., Washington, D.C. The borrower and primary source of repayment is Bank of The North Limited, Kano, Nigeria.
Ex-Im Bank is an independent federal government agency that helps finance the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loans, guarantees, and insurance. In fiscal year 2002, Ex-Im Bank authorized financing to support approximately $13 billion of U.S. exports worldwide.