Société Générale is financing a US$41mn ECA-backed loan to a boutique project-management company to export over 120 fire engines and related equipment from the US to Ghana.
The deal, which is backed by the Export-Import Bank of the United States (US Ex-Im), has an eight-year maturity and is secured by the full faith and credit of Ghana through its ministry of finance and economic planning.
US-based Project Development International (PDI) will be exporting the equipment for a number of US companies, including four subsidiaries of Oshkosh Corporation, Bauer Compressors and Smeal Fire and Apparatus.
The Ghana national fire service plans to purchase the equipment via the country’s ministry of interior service to replace existing vehicles and help the service expand its fire stations.
Fred Hochberg, president and chairman at US Ex-Im, says: “This deal demonstrates the solid business opportunities for US exporters in Sub-Saharan Africa that US Ex-Im can help them achieve. This large export to Ghana will help… expand their market share in Africa.”
PDI’s president, James Lalumiere, adds: “The support from US Ex-Im was like wind under our wings during the years of development of this project. We value US Ex-Im’s expertise and the exceptionally long repayment terms for the loan that were essential to this successful sale of quality US-made fire fighting equipment.”
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