EXIM Chairman Reed Underscores EXIM’s Commitment to Africa During Keynote Interview for Global Trade Review’s GTR Africa 2020 Virtual Conference
Export Import Bank of the United States (EXIM) President and Chairman Kimberly A. Reed yesterday addressed more than 2,400 registrants for Global Trade Review’s annual conference, GTR Africa 2020 Virtual (link is external), underscoring EXIM’s commitment to investing in Africa and advancing the Trump Administration’s Prosper Africa strategy for two-way trade and investment.
During a keynote interview with Gabriel Buck, Managing Director of GKB Ventures Ltd., Chairman Reed discussed the changing nature of export finance, including how some export credit agencies are taking a more strategic and aggressive approach. She highlighted EXIM’s support of Prosper Africa (link is external) as well as EXIM’s new Program on China and Transformational Exports, which directs EXIM to provide export financing to directly neutralize export subsidies offered by the People’s Republic of China, helping ensure a more level playing field for U.S. businesses and workers as they compete globally.
“As EXIM strives to fulfill its mission of supporting U.S. jobs by facilitating U.S. exports, our reach across Africa is extensive. EXIM is open for business in 48 out of 54 countries across the continent. Our new Program on China and Transformational Exports will help U.S. companies compete when they face unfair competition,” said Chairman Reed. “We want to remind companies of all sizes and in all industries that EXIM is open, and we want to work with them to help fill financing gaps in the market. EXIM looks forward to strengthening the foundations of African economies by connecting them with quality, ‘Made in the USA’ goods and services.”
EXIM’s historic ties to Africa date to 1942. Under its charter, EXIM has a congressional mandate to promote the expansion of EXIM’s financial commitments in sub-Saharan Africa. In addition, EXIM’s support for sub-Saharan African aligns with the Trump Administration’s Prosper Africa initiative, a whole-of-government economic effort to substantially increase two-way trade and investment between the United States and Africa.
In September 2019, EXIM’s Board of Directors authorized one of its largest-ever transactions, what is now a $4.7 billion direct loan for an integrated liquefied natural gas project in northern Mozambique, supporting 16,7000 U.S. jobs across eight states. More recently in March 2020, EXIM extended $91.5 million in loan guarantee financing for U.S. exports of design engineering and construction service to Senegal, in support of 500 U.S. jobs in 14 states in order to bring electricity to approximately 330,000 Senegalese in more than 400 villages.
Over the last 20 years, EXIM has authorized nearly $20 billion of financing for Africa. The agency is an active participant in the President’s Advisory Council on Doing Business in Africa, a Commerce-led council focused on ways to strengthen commercial engagement between the United States and Africa. In September, Chairman Reed emphasized EXIM’s commitment in remarks to the Corporate Council on Africa, during a meeting held in conjunction with the 75th Session of the United Nations General Assembly meetings.
GTR Africa 2020 Virtual, a premiere trade and export finance event for sub-Saharan Africa, focused on key markets, innovation, trade and commodity flows, infrastructure, and the wider implications of global disruption.
EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to support sales of U.S. goods and services to international buyers. A robust EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments. EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, approximately 90 percent of the total number of the agency’s authorizations has directly supported small businesses. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of U.S. debt.