Chairman Reed Affirms EXIM’s Commitment to Sub-Saharan Africa to Corporate Council on Africa
Washington, D.C. – Kimberly A. Reed, president and chairman of the Export-Import Bank of the United States (EXIM), today addressed the Corporate Council on Africa (CCA) about how EXIM supports economic growth and development in Africa through the export of ‘Made in the USA’ good and services.
Chairman Reed was introduced by Florizelle Liser, CCA’s president and CEO, who serves on EXIM’s Sub-Saharan Africa Advisory Committee. The committee met earlier this month for the first time since 2015 to discuss priority topics, including the congressional mandate for EXIM to serve Sub-Saharan Africa, a priority region for the agency.
Chairman Reed’s remarks were part of CCA’s High-Level Dialogue Series, which features senior American and African government and private sector officials discussing the latest trends and developments in U.S.-Africa trade, investment, and commercial engagement. The dialogue was held in conjunction with CCA’s annual membership meeting to brief CCA member companies and stakeholders on the U.S.-Africa economic relationship, including the Trump Administration’s Prosper Africa initiative that aims to substantially increase two-way trade and investment between the United States and Africa.
“It is an honor to have addressed the Corporate Council on Africa, which is led by Florizelle Liser, who brings her knowledge and commitment to CCA and to EXIM, where she serves on our Sub-Saharan Africa Advisory Committee. I appreciate the opportunity to discuss EXIM’s programs and priorities in support of Africa, including the Prosper Africa initiative, which will support open markets for American businesses, grow Africa’s middle class, promote youth employment opportunities, and improve the business climate,” said EXIM President and Chairman Kimberly Reed.
As of July 31, EXIM had $51 million in authorizations in sub-Saharan Africa in the form of export credit insurance and working capital loan guarantees. In August, the EXIM board of directors voted to notify Congress of its consideration of a $5 billion direct loan to support the export of U.S. goods and services from multiple states for the development and construction of an integrated liquefied natural gas projected located on the Afungi Peninsula in northern Mozambique. If approved, the transaction would support U.S. exports of goods and services for the engineering, procurement, and construction of the onshore LNG plant and related facilities. The project is estimated to support 16,400 U.S. jobs in Texas, Pennsylvania, Georgia, New York, Tennessee, Florida, and the District of Columbia.
“Supporting economic growth and development in Africa delivers mutual benefits to the United States and our partners on the continent,” Chairman Reed said. “President Trump’s Africa Strategy will benefit Americans by creating jobs, expanding exports from the United States, and increasing reciprocity with our African trading partners. EXIM plays an integral role in the success of this important initiative to promote U.S. trade and investment, as the agency’s mission is to finance the export of American goods and services.”
Chairman Reed underscored EXIM’s commitment to Sub-Saharan Africa shortly after she was sworn in earlier this year when she led the U.S. Presidential Delegation representing President Donald J. Trump and his administration at the inauguration of His Excellency Cyril Ramaphosa, President of the Republic of South Africa.
EXIM provides a portfolio of solutions for U.S. businesses, including export credit insurance to minimize nonpayment risk and improve cash flow, working capital guarantees to provide credit lines for producing goods and services, and term financing to support international buyers in purchasing American capital goods and services.
Corporate Council on Africa is the leading U.S. business association focused solely on connecting business interests in Africa. Established in 1993 to promote business and investment between the United States and the nations of Africa, CCA serves as a neutral, trusted intermediary connecting its member firms with the essential government and business leaders they need to do business and succeed in Africa. CCA uniquely represents a broad cross-section of member companies from small- and medium-sized businesses to multinationals, as well as U.S. and African firms.
Prosper Africa is a U.S. government initiative announced by President Trump in December 2018 to advance American and African prosperity. The initiative is intended to open markets for American businesses, grow Africa’s middle class, promote youth employment opportunities, and improve the business climate. The strategy will benefit Americans by creating jobs, expanding exports from the United States, and increasing reciprocity with African trading partners.