FOR IMMEDIATE RELEASE July 1, 2001
Marianna Ohe (202) 565-3200
Atlas Mercantile, Inc., Silver Spring, MD, is selling road construction and commercial bakery equipment provided by Worldwide Machinery, Inc., Channelview, TX and Empire Bakery Equipment, Hempstead, NY to Uganda, backed by $1.46 million in financing from the Export-Import Bank of the United States (Ex-Im Bank). The export sales represent Ex-Im Bank's first medium-term financing transactions in Uganda since 1999.
We stand ready to support U.S. companies in their efforts to tap business opportunities in Uganda and in sub-Saharan Africa in general, said Ex-Im Bank Chairman John E. Robson. We are particularly glad to see small U.S. businesses competing in this region. Ex-Im Bank's financing of U.S. exports to sub-Saharan Africa increased from $56 million in calendar year 1998 to $914 million in 2000.
This is a market that we have been trying to develop, said Baka Kasule, president of Atlas Mercantile. East Africa is traditionally a European-oriented market. We want to let East Africans know that there are opportunities to do business with U.S. exporters using credit facilities such as those offered by Ex-Im Bank.
The two Atlas Mercantile export transactions are:
- A $1.07 million Ex-Im Bank medium-term loan guarantee supporting Atlas Mercantile's $1.15 million export of used construction equipment to Big Ways (U) Limited, Kampala, Uganda. The equipment made by Caterpillar Inc., Peoria, IL, and refurbished by supplier Worldwide Machinery, consists of motor graders, wheel loaders, rollers and backhoes. Big Ways (U) will use the equipment to expand its road building capacity. Atlas Mercantile is a two-employee exporter of construction and medical equipment. Worldwide Machinery, a 70-employee firm, refurbishes, rents and sells heavy construction and pipeline equipment. Big Ways (U) is the primary source of repayment of the Ex-Im Bank-guaranteed financing. The guaranteed lender is Riggs Bank N.A., Washington, D.C.
- A $393,475 Ex-Im Bank medium-term loan guarantee enabling Atlas Mercantile to export $422,982 of used and new bread baking equipment to Musseco Industries (U) Limited, Kampala, Uganda. The equipment supplied by Empire Bakery Equipment and consisting of a used Caterpillar generator and new electric ovens and bread molder, will allow Musseco Industries to increase bread production by 150 percent. Empire Bakery is a 12-employee wholesaler of equipment to bakeries and bagel shops. Musseco Industries, which sells bread to Kampala schools and other local customers, is the primary source of repayment of the export financing. The guaranteed lender is Riggs Bank N.A., Washington, D.C.
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. Ex-Im Bank supported $15.5 billion in U.S. exports in fiscal year 2000.