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EX-IM BANK FINANCES $1 MILLION SALE OF REFRIGERATION EQUIPMENT TO GHANA SEAFOOD MERCHANT

New Jersey Exporter and Georgia Supplier Participate

FOR IMMEDIATE RELEASE December 22, 1998

Media Contact Name/Phone: 

Nancy Publicover (202) 565-3205

WASHINGTON: A medium term loan guarantee from the Export-Import Bank of the United States (Ex-Im Bank) is helping Nova Complex Ltd. of Tema, Ghana, complete the $1.16 million purchase of cold storage containers from International Trademart of Cranford, N.J. Heatcraft Inc. of Stone Mountain, Ga. will supply the equipment, which will outfit Nova with modern, energy efficient facilities to wholesale, distribute, retail and process fish. First National Bank of New England, Hartford, Conn., is the guaranteed lender.

Our direct loan and loan guarantees help foreign purchasers such as Nova secure the private sector financing terms that make the deal go through, benefitting all of the participants in the sale,said Ex-Im Bank Vice Chair Jackie Clegg.

Ghana continues to be one of Ex-Im Bank`s most active sub-Saharan African markets - over the past five years, Ex-Im Bank authorized over $85 million in transactions in Ghana, including $80.7 million in loans and guarantees and $4.9 million in export credit insurance.

Expansion of U.S. exports to sub-Saharan Africa is a continuing priority for Ex-Im Bank. Earlier this year, Ex-Im Bank established a sub-Saharan advisory committee that is helping to develop policies to strengthen financing for U.S. exports in Africa and appointed a special coordinator for sub-Saharan African activities. In partnership with the U.S. Trade and Development Agency and the Overseas Private Investment Corporation, Ex-Im Bank stationed a representative in Johannesburg to serve as a liaison between U.S. companies and African importers.

Ex-Im Bank is an independent Federal agency that promotes and assists in financing the sale of U.S. goods and services to markets worldwide. In fiscal year 1998, Ex-Im Bank financed nearly $13 billion in U.S. exports.