In the first three quarters of FY 2012, the Export-Import Bank of the United States (Ex-Im Bank) approved a historic $1.5 billion in financing to support U.S. exports to Nigeria and some other sub-Saharan African countries, surpassing the previous record of $1.4 billion for the entire year in FY 2011.

According to a media note made available to journalists in New York by the media department of the bank on Sunday, the increase was driven by export growth in several sectors, including machinery, vehicles and parts, commodities and aircraft.

The media note further stated that two of the top markets for U.S. exports in the region are South Africa and Nigeria, which are among Ex-Im Bank's nine key country markets.

"Proportionately, Ex-Im Bank supports more U.S. exports to sub-Saharan Africa than it does to the world at large. Last year, we financed 6.7 percent of U.S. exports to this region. With this new record in sub-Saharan authorizations already achieved in FY 2011, we are on target to increase that percentage," said Ex-Im Bank Chairman and President Fred P. Hochberg in the statement.

"Sub-Saharan Africa is a priority region because many countries have strong prospects for long-term economic growth and infrastructure development. We want to help more U.S. exporters increase their sales to this emerging region," he added.

In 2012, Ex-Im Bank expanded its cover policies in four sub-Saharan African countries: Cameroon (opened for long-term in the public sector), Ethiopia (opened for short-term and medium-term in both the public and private sectors), Tanzania (opened for long-term in the public sector) and Angola (opened for long-term in the private sector).

The cover policies changes were approved by the Bank's board of directors, following upon country-risk upgrades determined through an inter-agency country-risk review process.

However, Ex-Im Bank Chairman Hochberg, Vice Chair Wanda Felton and Bank staff had recently conducted a business-development mission in sub-Saharan Africa, visiting South Africa and Mozambique. The trip included participation in the just concluded U.S.-South Africa Strategic Dialogue with U.S. Secretary of State Hillary Rodham Clinton in Pretoria.

During the business visits, Exim Bank Chairman Hochberg signed a Declaration of Intent with the Industrial Development Corp. of South Africa Ltd. (IDC), indicating Ex-Im Bank's interest in financing up to $2 billion of U.S. technologies, products and services to South Africa's energy sector, with an emphasis on clean-energy technologies.

It would be recalled that in April, Ex-Im Bank authorized a $37.2 million loan guarantee to support the export of U.S. road-construction equipment and related services by Hoffman International Inc. in Piscataway, N.J., to the Republic of Cameroon.

In June, Ex-Im Bank approved a $7 million loan guarantee supporting the export of dredging equipment and spare parts from Dredging Supply Co., in Reserve. La., to Japaul Oil and Maritime Services PLC in Port Harcourt, Nigeria.

Ex-Im Bank is guaranteeing a medium-term loan from RB International Finance (USA) LLC in Bethel, Conn., to Japaul Oil and Maritime Services for the purchase of the equipment. The foreign buyer's primary business is oil and maritime services in the upstream segment of Nigeria's oil and gas industry.

Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years, Ex-Im Bank has earned for U.S. taxpayers $1.9 billion above the cost of operations.

The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.