US Ex-Im Bank financed US$17bn of US exports in 2015 and wants to 'do better' in Africa
Published on 14 January 2016, America's reauthorised export credit agency (ECA) released its 2015 results.
However, because of the bank's authority to commit to new business having lapsed on 1 July
2015 through to 4 December 2015, the report reflects authorisations for the first nine months of that financial year (to 30 September 2015).
The US Ex-Im Bank approved more than 2,600 authorisations, totalling US$12.4bn, to support an estimated US$17bn of US exports around the world. Some 24% of the authorisations by dollar volume were allocated to more than 2,300 small business transactions. In addition, the report highlights a need for an improvement on the 1% of US exports shipped to sub-
Saharan Africa. "We can do better," it said.. However, the ECA did manage:
US$123m support exports of modular steel bridges from Acrow Bridge to the governments of Zambia and Cameroon for civil works projects;
US$60m supporting exports of goods and services from Environmental Chemical Corporation and General Electric for a drinking water treatment and supply project in Cameroon;
US$11m supporting locomotives from Railserv to Gabon;US$2m in short-term insurance supporting the export of 5,000 metric tonnes of US-grown wheat from Cargill to Liberia; and
US$2m to support exports of fire trucks from Oshkosh Corporation to Angola.
In his chairman's message, Fred P Hochberg pointed out that the lapse in the bank's authority "had consequences". T
he report details "companies that could not close their export deals without Ex-Im Bank" and "decisions by exporters such as General Electric to relocate some of their production to countries where export credit was more accessible", resulting in a loss of US jobs.
For the full report, see http://1.usa.gov/1Q8zZpg.