EXIM Bank Signs Memorandum of Understanding with PTA Bank to Increase Trade Between US and Africa

MOU Could Provide Up to $100 million to Finance the Purchase of American Goods and Services
FOR IMMEDIATE RELEASE September 21, 2016
Media Contact Name/Phone
Nicole Woods (202-565-3296)

Washington, D.C. - Fred P. Hochberg, Chairman and President of the Export-Import Bank of the United States (EXIM), and Admassu Tadesse, President and Chief Executive of Eastern and Southern African Trade and Development Bank (PTA Bank), today signed a memorandum of understanding (MOU) with the goal of increasing the trade of goods and services between the U.S. and sub-Saharan Africa at the U.S. Business Africa Forum (USABF) in New York City. 

"Now is a time for U.S. businesses to seize unparalleled opportunities in sub-Saharan Africa," said Chairman Hochberg. "This memorandum builds on a partnership that will advance EXIM's mandate to promote the purchase of U.S. goods and services in the public and private sectors in sub-Saharan Africa." 

They were joined at the signing ceremony by EXIM Bank Vice Chair and First Vice President Wanda Felton.

The MOU is a statement of general intent between EXIM and PTA Bank to exchange information on trade and business opportunities in key sectors, including commodities; agriculture and food products; medical equipment; water and sanitation; power and energy; infrastructure; and large and small equipment purchases.

"PTA Bank and EXIM are long standing partners with over a decade of cooperation," said Mr. Tadesse. "As a fervent supporter of the UN Sustainable Development Goals, PTA Bank will continue to build and serve the region in areas such as infrastructure and power development amongst others, with trusted partners such as EXIM."

Under the MOU, EXIM and PTA Bank will explore options for utilizing up to $100 million dollars in EXIM financing programs, including EXIM Bank short-, medium, and long-term financing programs. Since 2009, EXIM has supported more than $8 billion in exports to Africa, approximately 90 percent of which went to the sub-Saharan region.

ABOUT EXIM BANK:

EXIM 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. Almost ninety percent of its transactions directly serve U.S. small businesses.

In fiscal year 2015, EXIM approved $12.4 billion in total authorizations. These authorizations supported an estimated $17 billion in U.S. export sales, as well as approximately 109,000 U.S. jobs in communities across the country.

Small business exporters can learn about how EXIM products can empower them to increase foreign sales by clicking here. For more information about EXIM, visit www.exim.gov.

 ABOUT PTA BANK:

Established in 1985, PTA Bank is a multilateral, treaty-based financial institution with preferred creditor status, immunities.  Currently has as shareholders, 19 member countries from the tripartite region (COMESA, EAC and SADC), the African Development Bank, the National Pensions Fund of Mauritius, Mauritian Eagle Insurance Company Ltd, Rwanda Social Security Board, Africa Re, ZEP RE, Seychelles Pension Fund, Banco Nacional Investimento (BNI), the National Social Security Fund of Uganda and SACOS Group as institutional shareholders, while the People's Republic of China and the Republic of Belarus (Paritetbank) are non-regional member countries.

The mission and objectives are to provide developmental capital and services in the region, through customer focused and innovative financing instruments.  The Bank provides the opportunity for investors to gain exposure to fast growing economies through a highly profitable DFI with a sound balance sheet and strong growth prospects. The Bank aims to be a preferred and leading regional DFI in Eastern and Southern Africa.

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