US Ex-Im takes first steps into Saudi Arabia

The Export-Import Bank of the United States (US Ex-Im) has approved its first ever Saudi Arabian private company loan with a US$34mn direct loan for the export of aluminium and steel can-making equipment.

The equipment will be exported by Colorado-based Stolle Machinery of Centennial to Saudi Arabia’s Mahmood Saeed Collective Company (MSCC).

MSCC will use Stolle’s equipment for a new aluminium can manufacturing facility in Jeddah in western Saudi Arabia.

The facility will produce 800 million cans and six billion can-ends annually for beverages.

Fred Hochberg, president and chairman of US Ex-Im, says: “This is the type of financing support US Ex-Im can provide to small and medium-sized businesses throughout Colorado to help them grow sales…by exporting. We are committed to helping achieve President Barack Obama’s national export initiative goal of doubling American exports in the next five years.”