Africa: Export-Import Bank of the U.S. Chair Lewis Celebrates Three Historic Transactions in Angola at U.S.-Africa Business Summit

Export-Import Bank of the United States
Amos J Hochstein, the White House Senior Advisor to the President for Energy and Investment (left), Angolan President João Lourenço and Export-Import Bank of the United States (EXIM) President and Chair Reta Jo Lewis, following the finalization of three Angolan projects during the U.S.-Africa Business Summit in Dallas on May 9, 2024.
9 May 2024
Export Import Bank of the United States (Washington, DC)
announcement

Dallas — EXIM Finalizes Key Deals that Advance Administration's Partnership for Global Infrastructure Initiative Alongside Angola President Lourenço and Finance Minister Dave

Export-Import Bank of the United States (EXIM) President and Chair Reta Jo Lewis today finalized three historic transactions for projects in Angola alongside President of Angola João Lourenço, Minister of Finance Vera Daves, and U.S. government representatives during the U.S.-Africa Business Summit in Dallas, Texas. The three transactions all advance the Biden-Harris Administration's Partnership for Global Infrastructure (PGI) initiative, a collaborative effort by U.S. government agencies to support sustainable, clean, resilient, and inclusive infrastructure projects around the world. The transactions also support EXIM's mandate to support renewable energy projects.

"From our first transaction in Angola in 1942, EXIM has worked for decades to support U.S. exporters doing business in the region and we are proud to write the next chapter of our shared history by finalizing these three important projects," said Chair Lewis. "These transactions represent historic steps forward for clean power, radio connectivity, and transportation infrastructure in Angola, and underscore the role EXIM financing can play in deepening U.S.-Angola economic collaboration. We are committed to meeting our mandate to support U.S. exports to sub-Saharan Africa and to continue advancing President Biden's PGI initiative."

The first transaction signed and closed was a direct loan for more than $900 million to support the construction of two solar energy power plants in Angola. This project is the largest renewable energy project and largest transaction in sub-Saharan Africa in EXIM's 90-year history. Once completed, the project will generate over 500 megawatts of renewable power; provide access to clean energy resources across Angola; help Angola meet its climate commitments; and support the export of U.S. solar panel mounting systems, connectors, switches, sensors, and other equipment. The transaction, involving ING Capital, Sun Africa and Omatapalo, is estimated to support 1,600 U.S. jobs.

The second transaction was a $363 million loan guarantee to support the export of small business Acrow Bridge Corporation's prefabricated modular steel bridges and related equipment to construct bridge infrastructure across Angola. The transaction, involving Standard Chartered, Africa Finance Corporation and Acrow Bridge, is expected to support 600 American jobs across 18 states.

The final deal was a $42 million transaction under EXIM's China and Transformational Exports Program (CTEP) to support Gates Air's export of FM transmitters, towers, training and other equipment and services to Angola's state-owned national radio broadcaster, Radio Nacional de Angola. EXIM's authorization will help extend the Angolan government's ability to communicate by radio with approximately 95 percent of the country's population. The transaction, involving Deutsche Bank and GatesAir, is estimated to support 100 U.S. jobs.

ABOUT EXIM:

The Export-Import Bank of the United States (EXIM) is the nation's official export credit agency with the mission of supporting American jobs by facilitating U.S. exports. To advance American competitiveness and assist U.S. businesses as they compete for global sales, EXIM offers financing including export credit insurance, working capital guarantees,   loan guarantees, and   direct loans. As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States. Learn more at   www.exim.gov.

Read the original article on Ex-Im Bank.

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