Chairman Reed Outlines EXIM Support for Trade with Africa at UNGA Side Event with U.S. and African Business and Government Leaders
New York, N.Y. – Kimberly A. Reed, president and chairman of the Export-Import Bank of the United States (EXIM) addressed U.S. and African government and business leaders Wednesday during a roundtable held in conjunction with the United Nations General Assembly (UNGA), highlighting how EXIM support for American exports creates economic growth and prosperity in both the United States and Africa.
Chairman Reed joined Deputy Secretary of State John J. Sullivan, Deputy Secretary of Commerce Karen Dunn Kelley, USAID Administrator Mark Green, OPIC Acting President and CEO David Bohigian, and Under Secretary of State Keith Krach at a U.S.-Africa Business Roundtable at the Palace Hotel in New York.
“The Export-Import Bank of the United States looks forward to strengthening the foundations of African economies by connecting them with quality ‘Made in the U.S.A.’ goods and services,” said EXIM President and Chairman Kimberly A. Reed. “We share similar objectives of supporting jobs and improving people’s lives.”
Chairman Reed underscored EXIM’s commitment to fulfilling the congressional mandate to serve sub-Saharan Africa and advance a new era of U.S-Africa relations driven by the Prosper Africa initiative that aims to substantially increase two-way trade and investment between the United States and Africa. She emphasized those principles earlier this year when she led the U.S. Presidential Delegation to the inauguration of His Excellency Cyril Ramaphosa, President of the Republic of South Africa.
“Supporting economic growth and development in Africa delivers mutual benefits. EXIM is a reliable partner to enhance the growth of Africa’s emerging economies and is committed to financing transactions that create good jobs both here at home in the U.S.A. and in Africa,” said Chairman Reed. “Since 2009, EXIM has authorized nearly $7.4 billion supporting U.S. exports to sub-Saharan Africa.”
EXIM supports projects in 50 countries across Africa. Chairman Reed outlined EXIM’s support for African partners and stakeholders, including consideration of a $5 billion direct loan to support the export of U.S. goods and services for the development and construction of an integrated liquefied natural gas projected located in Mozambique. In August, the EXIM Board of Directors voted to notify Congress of its consideration of this transaction. The board will give final consideration of the project tomorrow, and, if approved, it is expected to have a transformative impact on Mozambique’s economy. EXIM’s transaction is in support of the largest U.S.-sourced investment in history on the African continent, valued at $25 billion.
Last week, Chairman Reed met with Amadou Hott, Minister for the Economy, Planning and Cooperation of Senegal, to discuss opportunities for expanding bilateral trade cooperation. In July, the EXIM Board of Directors approved a preliminary commitment of EXIM financing to support a pending infrastructure project in Cameroon. In April, EXIM signed a $4 billion memorandum of understanding with Angola’s Ministry of Finance to increase the trade of goods and services between the two countries.
EXIM provides a portfolio of small business 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. For example, EXIM authorized a $5.9 million loan in July to Kagera Sugar, a Tanzanian company. The company will use the financing to purchase U.S.-manufactured agricultural equipment.
The UNGA roundtable brought together African foreign ministers and U.S. business executives to highlight new tools the United States has to expand U.S.-Africa trade and investment. Delegations from Angola, Cote d’Ivorie, the Democratic Republic of the Congo, Kenya, Senegal, and South Africa attended the event, as well as senior executives from several U.S. corporations and business councils. Among the private-sector associations at the event was the Corporate Council on Africa, whose president and CEO, Florizelle Liser, also serves on EXIM’s Sub-Saharan Africa Advisory Committee.