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New $120 Million Arrangement Gives U.S. Exporters Expedited Financing for Sales to Angolan Buyers

U.S. Ambassador Hails Move As Another Indication of U.S. Confidence in Angola's Future

FOR IMMEDIATE RELEASE April 1, 2009

Media Contact Name/Phone: 

Phil Cogan, (202) 565-3200

Washington, D.C. --- U.S. exporters will realize significant savings in processing time connected with their sales to Angolan buyers thanks to a newly-authorized $120 million facility involving the Export-Import Bank of the United States (Ex-Im Bank) and four Angolan banks.

The facility authorized today by Ex-Im Bank's board of directors provides Special Delegated Authority for short- and medium-term private sector transactions covering four banks: Banco Africano de Investimentos (BAI); Banco Espirito Santo Angola (BESA); Banco de Fomento Angola (BFA); and, Banco de Poupança e Crédito (BPC). The $120 million will be allocated equally among the four banks.

We see tremendous sales opportunities for American exporters, particularly for companies selling products and services aimed at oil and gas services, infrastructure development and agriculture, said J. Joseph Grandmaison, member of the Ex-Im Bank board of directors. This facility will enhance our exporters' ability to more quickly capitalize on these opportunities.

U.S. Ambassador to Angola Dan Mozena said the action by Ex-Im Bank reflects the continuing confidence of the United States in Angola's bright future.

This credit facility will provide Angola's private sector expedited access to top quality American goods and services, including sectors beyond oil and gas. This is especially timely as Angola continues its massive reconstruction program so more Angolans can share in the country's tremendous natural wealth, Ambassador Mozena said.

Ambassador Mozena urged Angolan businesses to explore the benefits available under this facility, noting that Bank officials have said that they are prepared to consider increasing the amounts available to the Angolan banks.

U.S. businesses interested in more information about export finance for sales to Angola may contact Ex-Im Bank Africa Business Development Officer Ben Todd at ben.todd@exim.gov.

Angolan businesses interested in taking advantage of financing using this new facility may contact one of the four Angolan banks named above or the U.S. Embassy in Luanda Economic/Commercial Section: econusembassyluanda@yahoo.com.

In fiscal year 2008, Ex-Im Bank authorized $14.4 billion in financing to support an estimated $19.6 billion of U.S. exports worldwide. Eighty-six percent of nearly 2,328 transactions directly benefited small-business exporters. For sub-Saharan African markets alone during fiscal year 2008, Ex-Im Bank authorized more than $555.3 million in export-credit insurance and guarantees. For more information visit www.exim.gov.