FOR IMMEDIATE RELEASE October 25, 2001
Niki Shepperd (202) 565-3200
Export-Import Bank of the United States (Ex-Im Bank) is committed to increasing its effectiveness in sub-Saharan Africa, as well as exploring ways to support more small private enterprise transactions in the region, Ex-Im Bank Chairman John E. Robson said today.
In his remarks before an Africa Trade Briefing hosted by USTR, Robson said Ex-Im Bank will continue to work to increase the number of private enterprise transactions in sub-Saharan Africa.
Robson noted that private sector lenders often fail to pursue or support deals in sub-Saharan Africa. Ex-Im Bank is all about mitigating risks, managing change, and multiplying opportunities for American companies doing business in the global marketplace. And in markets like sub-Saharan Africa where commercial lenders tread lightly, that is exactly where Ex-Im Bank needs to be, Robson said.
Most of Ex-Im Bank's transactions in sub-Saharan Africa are less than $1 million. These deals cost us more in terms of time, resources, and budget, but we take comfort in knowing that each of these deals benefits the region beyond the dollars involved, Robson added.
Ex-Im Bank is an independent federal agency that assists in financing the export of U.S. goods and services to developing markets around the world, through export credit insurance, loan guarantees, and direct loans. In fiscal year 2001, Ex-Im Bank helped to finance approximately $12.4 billion of U.S. exports worldwide.