FOR IMMEDIATE RELEASE April 11, 2000
Linda Formella (202) 565-3200
Pfluger Enterprises LLC, a small business in Dallas, Texas, has been awarded a contract worth nearly $36 million to export and operate a wireless pay cable television system in Zimbabwe, with the assistance of a long-term loan guarantee from the Export-Import Bank of the United States (Ex-Im Bank). The buyer, Zimbabwe Broadcasting Corporation (ZBC), the government-owned, national public service broadcaster of Zimbabwe, has selected Pfluger Enterprises to purchase, implement and operate a multi-channel, multi-point distribution system (MMDS) known as Zvision that will offer wireless cable programming to paying subscribers in 22 cities in Zimbabwe.
U.S. suppliers of satellite and electronic equipment include GT-C SCI in Mountain Top, PA; EMCEE in White Haven, PA; Andrews in Orland Park, IL; Broadcast Store in Glendale, CA; California Amplifier in Camarillo, CA; and General Instruments in San Diego, CA.
Ex-Im Bank is pleased to provide financing that is enabling this small Dallas business and its subsuppliers to make a important sale to Zimbabwe and expand exports, said Ex-Im Bank Chairman James A. Harmon. Ex-Im Bank is committed to providing access to export financing that helps both U.S. companies and the public and private sectors in sub-Saharan Africa.
This is our company's first transaction in Zimbabwe, and Ex-Im Bank has helped us to succeed in a market that we have been trying to tap for five years. We anticipate that this transaction will be a starting point for related business ventures such as wireless Internet and telephone communications in Zimbabwe and the surrounding region. It is good to know that Ex-Im Bank financing is available for these kinds of exports, said Pfluger Enterprises officer Mack Rogers.
Ex-Im Bank is providing a $35 million long-term guarantee of a loan by Sentry Financial International Inc. of Salt Lake City, Utah, to ZBC, based in Harare, Zimbabwe. The Ministry of Finance of Zimbabwe is the guarantor and primary source of repayment on this transaction.
In fiscal year 1999, Ex-Im Bank approved nearly $600 million to sub-Saharan Africa, of which $14.4 million was authorized for U.S. exports to Zimbabwe. 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 supported nearly $17 billion of U.S. exports worldwide.