EXIM Board of Directors Approves Final Commitments for Projects in Cameroon and Brazil, Supporting 1,600 U.S. Jobs and Sub-Saharan Africa, China Competition Mandates
WASHINGTON – The Export-Import Bank of the United States (EXIM) Board of Directors yesterday unanimously approved two transactions that will support U.S. exports to Cameroon and Brazil. Together, the two projects total more than $279 million.
In Cameroon, the Board converted a preliminary commitment (originally approved by EXIM in July 2019) to a final commitment of nearly $74 million for construction equipment and related goods and services as part of a project led by the Special Council Support Fund for Mutual Assistance (FEICOM). EXIM’s loan guarantee will support Hoffman International, Inc. a small business located in Piscataway, NJ and serves a testament EXIM’s commitment to fulfilling its sub-Saharan Africa mandate.
Working alongside officials at the U.S. Department of State, EXIM’s China and Transformational Exports Program (CTEP) played a key role in securing the FEICOM project. The flexibilities offered through CTEP provided Hoffman International, Inc. the necessary support to compete with Chinese exporters. The transaction is expected to support an estimated 400 American manufacturing jobs across Wisconsin, North Carolina, Illinois, Pennsylvania, Minnesota, Washington and Ohio.
“EXIM is deeply committed to supporting high-quality, sustainable projects in sub-Saharan Africa,” said EXIM President and Chair Reta Jo Lewis. “We are equally committed to helping American companies compete and win in a market with significant presence from competitors backed by the People’s Republic of China. I am proud that EXIM can bring projects like this to life through whole-of-government collaborations and in doing so, support U.S. jobs.”
In a separate action, the Board approved a final commitment for a guarantee of a $205.5 million loan from Citibank to Embraer S.A. in Brazil to support the export of U.S.-manufactured aircraft engines and related components. Utilizing the production facilities of three U.S. exporters, General Electric, Honeywell and Pratt & Whitney, the transaction is expected to support approximately 1,200 U.S. jobs across the aerospace supply chain in North Carolina, Ohio, Arizona and Alabama.
The Export-Import Bank of the United States (EXIM) is the nation’s official export credit agency with the mission of supporting American jobs by facilitating U.S. exports. To advance American competitiveness and assist U.S. businesses as they compete for global sales, EXIM offers financing including export credit insurance, working capital guarantees, loan guarantees, and direct loans. As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of overall U.S. debt. Learn more at www.exim.gov.