Export-Import Bank Finances U.S. Exports Bought By Two Nigerian Companies
The Export-Import Bank of the United States (Ex-Im Bank) is supporting the sale of $1.1 million in telecommunications equipment, trucks and concrete batch plants to two Nigerian companies based in Lagos, Nigeria. Spacenet Ltd is purchasing telecommunications equipment and Ojemai Farms Ltd is purchasing 5 used Mack Trucks, one used Caterpillar truck and two concrete batch plants through Continental Trust Bank in Lagos.
Four Texas-based U.S. exporters are supplying the telecommunications and concrete equipment, and trucks for this transaction. The exporters included: American Built Equipment, Irving, Texas; Continental Manufacturing Company, Houston, Texas; Mustang Tractor & Equipment Co., Houston, Texas; and, Revcom Inc., Dallas, Texas. First International Bank of Hartford, Connecticut is the guaranteed lender for this sale.
The approval of this medium-term guarantee comes as Ex-Im Bank Board Member Joe Grandmaison concludes his second business development visit this year to Nigeria. Grandmaison was a keynote speaker at the Nigerian Economic Summit on October 16, 2002. He also met with government and business leaders during his three-day visit.
Since October 1999, Ex-Im Bank has supported 48 transactions in Nigeria worth more than $220 million. Earlier this month, Ex-Im Bank approved a $135 million loan guarantee for Nigerian LNG Ltd., making it the largest private sector financing ever approved for Nigeria by Ex-Im Bank.
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. In fiscal year 2002, Ex-Im Bank supported $13 billion of U.S. exports worldwide.