Ex-Im Bank Finances $9 million in Telecommunication Equipment To Nigeria
A $9 million medium-term loan guarantee approved by the Export-Import Bank of the United States (Ex-Im Bank) is supporting four U.S. suppliers selling telecommunication equipment to Monarch Communications Ltd., a private Nigerian telecommunication company that will provide telephone, wireless and Internet services with the new equipment.
The four U.S. exporters supplying various telecommunication equipment are: Danet, Inc. of Wexford, PA; Airspan Networks Inc. of Ft. Lauderdale,FL; Avaya Inc. of Basking Ridge, NJ; and, DMC Stratex Networks Inc. of San Jose, CA. Riggs Bank of Washington, DC is the guaranteed lender for this sale.
Monarch Communications Ltd. is a newly established telecommunication company operating in Lagos, Nigeria. The new telecommunication equipment it is purchasing will allow the company to offer services to 30,000 user dial ups, 5,000 on-demand customers and 5,000 wireless subscribers.
Since October 1997, Ex-Im Bank has authorized $178 million worth of U.S. exports to Nigeria. In October 2002, Ex-Im Bank approved its largest private sector financing ever for Nigeria: a $135 million loan guarantee for Nigerian LNG Ltd.
Ex-Im Bank is an independent U.S. 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 supported nearly $13 billion of U.S. exports worldwide.