Ex-Im Bank Chairman James A. Harmon Signs Memorandum of Understanding in Support of Financing for U.S. Exports to Private Sector Buyers in Nigeria
FOR IMMEDIATE RELEASE August 25, 2000
U.S.A.- Linda Formella, Ex-Im Bank, Washington, D.C.: 202-565-3200 Nigeria- Tim Smith, U.S. Embassy, Lagos: 234-9-523-0960
Abuja, Nigeria: The Export-Import Bank of the United States (Ex-Im Bank) is considering providing support to finance the purchase of up to $250 million annually of U.S.-made medical equipment and services to be exported by Adam & Associates International in Boston, Mass., to potential private sector buyers in Nigeria under a contract with Nigeria's Federal Ministry of Health. The exports would be purchased from various U.S. suppliers. Today in Abuja, Ex-Im Bank Chairman James A. Harmon signed a memorandum of understanding (MOU) expressing Ex-Im Bank's interest in providing financing for exports to Nigeria's health care projects, including a long-term contract for the management of two hospitals: National Hospital Abuja and Federal Medical Center Gombe. In addition, Ex-Im Bank is considering financing $10 - $15 million annually of U.S. medical equipment and services to supply National Hospital Abuja.
Ex-Im Bank is committed to helping the countries of sub-Saharan Africa access financing for U.S. medical equipment and services to improve their health care systems. This memorandum of understanding is an important step in paving the way for these exports to Nigeria, Ex-Im Bank Chairman Harmon said.
Under the MOU, Ex-Im Bank will work with Adam & Associates International to process applications for financing for the purchase of U.S. goods and services by Nigerian private sector buyers. Ex-Im Bank's short- and medium-term export credit insurance and medium- and long-term loans and guarantees would be available to finance these exports.
In October 1999, Ex-Im Bank opened for short- and medium-term financing to the private sector in Nigeria. 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. In fiscal year 1999, Ex-Im Bank approved nearly $600 million for U.S. exports to sub-Saharan Africa- an 11-fold increase over the previous fiscal year.