US Ex-Im Bank has signed new master guarantee agreements with Standard Bank of South Africa and the Bank of Africa to broaden its ability to finance the purchase of US goods and services in Africa
“While our mission at Ex-Im Bank is to promote US exports, our method is to provide new and/or additional competitive financing for the African marketplace,” says J Joseph Grandmaison, a member of the Ex-Im Bank board of directors. “Working with strong banking partners is key to achieving that goal. We believe that the availability of medium-term financing in Africa is necessary to allow for the healthy growth of the African economy.”
Standard Bank of South Africa is a leading international bank in southern Africa , and Bank of Africa, which has its headquarters in Cotonou , Republic of Benin , also has offices in Burkina Faso , Cote d”Ivoire , Madagascar , Niger and Senegal . Ex-Im Bank already has master guarantee agreements in Egypt , Mozambique , Nigeria , and South Africa , as well as with the Eastern and Southern African Trade and Development Bank (PTA Bank) of Nairobi , Kenya , which serves several countries in eastern Africa .
As the official export credit agency of the United States, Ex-Im helps finance the sales of US exports, primarily to developing markets, by providing guarantees, export credit insurance and loans. In fiscal year 2002, Ex-Im authorised financing to support nearly US$13bn of US exports.