Transaction will support 200 U.S. jobs across New Jersey, Pennsylvania, and Delaware
FOR IMMEDIATE RELEASE December 11, 2014
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Washington, DC - In keeping with its congressional mandates to boost small business exports and increase exports to sub-Saharan Africa, the Export-Import Bank of the United States (Ex-Im Bank) will guarantee a $50 million loan to finance the export of 55 American-made bridge sets to Cameroon and support 200 U.S. jobs.
The loan, extended by Société Générale to Cameroon's Ministry of Public Works, facilitates the export of modular steel bridges manufactured by the Acrow Corporation of America, a small business based in Parsippany, N.J.
According to Bank estimates derived from Departments of Commerce and Labor data and methodology, this transaction will support approximately 200 U.S. jobs in Parsippany, N.J., Milton, Pa.; and New Castle, Del.
Ex-Im Bank-has a long track record of supporting American small business exports to sub-Saharan Africa, said Ex-Im Bank Chairman and President Fred P. Hochberg. These bridges will contribute to a strong, reliable infrastructure in Cameroon, while supporting quality small business manufacturing jobs here at home.
Awarded the President's Award for Excellence in Export in 2011, Acrow is a leading manufacturer and supplier of modular steel bridge systems. The company has sold bridges in over 60 countries, and more than 1,000 Acrow bridges have been installed in developing countries since 2007.
The modular steel bridges, which are prefabricated in the U.S., will contribute to the development of regional trade through the repair and modernization of Cameroon's rural infrastructure networks. Currently, parts of Cameroon's transportation infrastructure are in disrepair, preventing access to schools, medical clinics, and other basic goods and services.
Ex-Im Bank helped Acrow level the competitive playing field, said Bill Killeen, President and CEO of Acrow. Acrow competed against European and Chinese companies all offering packages robustly supported by their local export credit agencies. Without the support of Ex-Im, the contract for the supply of these Acrow Bridges would not have been consummated, and good jobs in the U. S. would not have been created. I look forward to our U. S. Congress doing what is right and necessary by reauthorizing for a longer term the Ex-Im Bank, which through its products adds to the competitiveness of U. S. businesses.
ABOUT EX-IM BANK:
Ex-Im Bank is an independent federal agency that supports and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. The Bank provides a variety of financing mechanisms, including working capital guarantees and export credit insurance, to promote the sale of U.S. goods and services abroad. Ninety percent of its transactions directly serve American small businesses.
In fiscal year 2014, Ex-Im Bank approved $20.5 billion in total authorizations. These authorizations supported an estimated $27.5 billion in U.S. export sales, as well as approximately 164,000 American jobs in communities across the country.
Small business exporters can learn about how Ex-Im Bank products can empower them to increase foreign sales by clicking here. For more information about Ex-Im, visit www.exim.gov.