FOR IMMEDIATE RELEASE November 11, 2002
Niki Shepperd (202) 565-3200
Nationwide Equipment Company (NWE), a medium-sized company in Jacksonville, FL, will export used trucks, cranes and heavy construction equipment to HS Petroleum Limited (HS) of Lagos, Nigeria, with the support of an Export-Import Bank of the United States (Ex-Im Bank) $1.2 million medium-term guarantee policy. HS Petroleum Limited, will use the trucks to replace aging equipment and to expand its equipment rental, leasing and hauling business. Webster Bank of Hartford, Conn., is the guaranteed lender.
Sub-saharan Africa is an important region, and one in which Ex-Im Bank knows that U.S. exporters can be extremely competitive, said J. Joseph Grandmaison, a member of the Bank's Board of Directors. Ex-Im Bank's commitment is to expand trade between Nigeria and the United States. This transaction is a good example of how we can help small businesses sell to emerging markets, said Grandmaison.
Ex-Im Bank financing not only allows Nationwide to successfully compete in new foreign markets, it also enabled us to enlarge the scope of our export sales to include sub-Saharan Africa, said Michel Allen, NWE director of international development.
NWE, established in 1983, specializes in the sale of used and reconditioned earthmoving, road building and mining equipment to over 40 countries worldwide. Recognized as an industry leader in the export of earthmoving machinery, Nationwide was awarded the U.S. President¹s E Award for Exports in 1998.
During the last few years, Ex-Im Bank has backed a wide variety of Nigerian transactions. Since reopening in Nigeria in October 1999, Ex-Im Bank has supported 48 transactions totaling more than $220 million.
Ex-Im Bank is an independent federal 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 authorized financing to support approximately $13 billion of U.S. exports worldwide.