FOR IMMEDIATE RELEASE September 3, 2002
Linda Formella (202) 565-3200
U.S. small businesses in Minnesota and Maryland will export trucks and heavy equipment for road construction to private sector buyers in Senegal and Cameroon, with the assistance of medium-term trade financing from the Export-Import Bank of the United States (Ex-Im Bank).
Dom-Ex Inc. in Hibbing, Minn., is selling $2.3 million of used Caterpillar trucks and new construction equipment and spare parts to Concasseur Basalte du Ndiambour in Dakar, Senegal, with the help of a $2.1 million medium-term guarantee from Ex-Im Bank. Other U.S. suppliers are Ingersoll-Rand Co. in Woodcliff Lake, N.J., and Nordberg Inc. in Milwaukee, Wis. First International Bank N.A. in Hartford, Conn., is the guaranteed lender. In the past four years, Ex-Im Bank has authorized $16.6 million to assist Dom-Ex's exports to sub-Saharan Africa.
Atlas Mercantile Inc. in Silver Spring, Md., is selling $1.3 million of used Caterpillar and Mack trucks and other used equipment to Newbreed Engineering SARL in Limbe, in the southwest province of Cameroon, with the assistance of a $1.2 million medium-term guarantee from Ex-Im Bank. The guaranteed lender is Riggs Bank N.A. in Washington, D.C. In the past four years, Ex-Im Bank has authorized $6.5 million in support of Atlas Mercantile's exports to sub-Saharan Africa.
One of Ex-Im Bank's goals is to develop an increasing pipeline of small and medium-sized transactions for U.S. exporters in the markets of sub-Saharan Africa. These transactions illustrate how our medium-term guarantees enable lenders to provide trade financing for these sales, Ex-Im Bank Vice Chairman Eduardo Aguirre said.
We are excited about this new project, said John Kokotovich, chief financial officer of Dom-Ex Inc. Ex-Im Bank has been, and will continue to be, an essential partner for our company's growing export business. We absolutely could not enter these markets without the assistance of Ex-Im Bank.
We encourage Ex-Im Bank to continue expanding its financing in sub-Saharan Africa. Given the difficulty of obtaining financing in the region, Riggs Bank and Ex-Im Bank, by extending and guaranteeing these loans, have offered genuine opportunity to African entrepreneurs, who are our customers, said Baka Kasule, president of Atlas Mercantile Inc.
Dom-Ex Inc. is a supplier of new, used and rebuilt heavy mobile equipment for mining and construction industries worldwide. The company has 55 employees and is headquartered in Hibbing, Minn., with offices in Dallas, Texas, and Miami, Fla.
Atlas Mercantile Inc. is an export trade firm headquartered in Silver Spring, Md., that offers research and consulting services on finance, procurement and shipping to U.S. companies and foreign entities.
Ex-Im Bank is an independent federal government agency that assists in financing U.S. exports, primarily to developing markets, by providing loans, loan guarantees and export credit insurance. In fiscal year 2001, Ex-Im Bank authorized financing to support $12.5 billion of U.S. exports worldwide. In the past four years, the Bank has authorized more than $1.6 billion to support U.S. exports to sub-Saharan Africa.