“These transformational exports drive the growth of the United States economy, strengthen our economic and national security, and improve our quality of life.”
The Board of Directors of the Export-Import Bank of the United States (EXIM) yesterday unanimously approved two transactions that will support US exports to Cameroon and Brazil. Together, the two projects total more than $279 million.
In Cameroon, the Board converted a preliminary commitment (originally approved by EXIM in July 2019) into a final commitment of nearly $74 million for construction equipment and related goods and services under a project led by the Special Mutual Assistance Councils Support Fund (FEICOM). EXIM’s loan guarantee will support Hoffman International, Inc. a small business located in Piscataway, NJ and demonstrates EXIM’s commitment to fulfilling its mandate in Sub-Saharan Africa.
Working alongside US State Department officials, EXIM’s China Transformational Exports Program (CTEP) played a key role in securing the FEICOM project. The flexibilities offered by the CTEP provided Hoffman International, Inc. with the support needed to compete with Chinese exporters. The transaction is expected to support approximately 400 US manufacturing jobs in Wisconsin, North Carolina, Illinois, Pennsylvania, Minnesota, Washington and Ohio.
In a separate action, the Board approved a final commitment for a guarantee of a $205.5 million loan from Citibank to Embraer SA in Brazil to support the export of US-made aircraft engines and related components. Using the manufacturing facilities of three US exporters, General Electric, Honeywell and Pratt & Whitney, the transaction is expected to support approximately 1,200 US aerospace supply chain jobs in North Carolina, Ohio, Arizona and Alabama.
The Export-Import Bank of the United States (EXIM) is the nation’s official export credit agency whose mission is to support American jobs by facilitating American exports. To advance American competitiveness and help American companies compete for global sales, EXIM offers financing that includes export credit insurance, working capital guarantees, loan guarantees, and direct loans. As an independent federal agency, EXIM contributes to the economic growth of the United States by supporting tens of thousands of jobs in exporting companies and their supply chains across the United States. Since 1992, EXIM has generated over $9 billion for the US Treasury for the repayment of all US debt.