Advisory Committee focus on Competition with China, EXIM Support for U.S. Exports to Sub-Saharan Africa

The Sub-Saharan Africa Advisory Committee (SAAC) of the Export-Import Bank of the United States (EXIM) yesterday convened a meeting virtually to discuss how EXIM can support U.S. exports to sub-Saharan Africa. This is the first meeting of the newly appointed 2020-2021 SAAC.

After SAAC Chair Dan Runde convened the meeting, EXIM President and Chairman Kimberly A. Reed delivered remarks highlighting the important work of the SAAC, as well as EXIM’s Program on China and Transformational Exports when it comes to exports to the region.

“EXIM’s Sub-Saharan Africa Advisory Committee plays an invaluable role in advising EXIM on our engagement in the region with a view to boosting U.S. exports and bolstering jobs for American workers,” said Chairman Reed. “EXIM’s reach across Africa is extensive, spanning 48 out of 54 countries on the contentment, and our new Program on China and Transformational Exports will help U.S. companies overcome unfair competition. I thank Chair Runde and all of the SAAC Member for their wise counsel and engagement. EXIM is committed to strengthening the foundations of African economies by connecting them with high-quality goods and services that are made in America.”

“Thank you to Chairman Reed for her unique and effective leadership of EXIM,” said Chair Runde. “The Sub-Saharan Africa Advisory Committee plays a crucial role in advising EXIM on its mandate to invest in sub-Saharan Africa, and I look forward to continuing to work with Chairman Reed and the entire EXIM team as they fulfill this crucial task.”

“Every member of the SAAC has broad industry experience and knowledge of the markets in Africa, and I thank them for their participation,” said EXIM Board Member Judith D. Pryor, who provided closing remarks at the committee meeting. “I am confident with their guidance and input, we can improve on a number of transactions in sub-Saharan Africa, and grow EXIM’s work there tenfold. I look forward to future robust conversations in the coming months, and to the work we will do together to support American industry and ingenuity on the African continent.”

“I am excited about the actions that EXIM is taking to assist citizens of countries in Sub-Saharan Africa including access to potable water, electricity, and improved transportation infrastructure in rural communities,” said EXIM Board Member of former member of Congress Spencer Bachus.

During the meeting, EXIM Senior Vice President for the Program on China and Transformational Exports David Trulio updated SAAC Members on the agency’s new Program on China and Transformational Exports. Ambassador Paula Dobriansky also provided an overview of the recently-established EXIM Advisory Committee Subcommittee on Strategic Competition with the People’s Republic of China, which she chairs, and which was established by EXIM Advisory Committee Chair and former Congressman Stevan Pearce on September 9, 2020, to provide insight to the EXIM Advisory Committee on how China is engaging in strategic competition against the United States, and how PRC actions impact American interests and economic security.

EXIM Senior Advisor for National Security Jamal Ware updated the SAAC on EXIM’s engagement and attention to national security, and EXIM Chief Banking Officer Stephen Renna provided an overview of EXIM products and services and COVID-19 relief measures. EXIM Senior Vice President for Policy Analysis and International Relations Jim Cruse also updated the SAAC on the recent G12 Heads of Export Credit Agencies meeting, hosted virtually by EXIM in conjunction with EXIM’s 2020 Annual Conference. He also gave the SAAC an overview of EXIM’s 2020 Report to the U.S. Congress on Global Export Credit Competition.

The SAAC also analyzed a case study “How EXIM Successful Deals are Made and Lessons Learned for Future Opportunities in Sub-Saharan Africa” focused on EXIM’s $4.7 billion transaction in Mozambique to support the development and construction of an integrated liquefied natural gas project, and $91.5 million in export financing for a rural electrification project in Senegal.

Established by the U.S. Congress, EXIM’s Sub-Saharan Africa Advisory Committee provides guidance and advice regarding EXIM policies and programs designed to support the expansion of financing support for U.S. manufactured goods and services in sub-Saharan Africa. SAAC Members advise EXIM on the development and implementation of policies and programs designed to support EXIM’s engagement in sub-Saharan Africa with a view to boosting American exports and bolstering U.S. jobs.

ABOUT EXIM:

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.