Australian export credit agency Export Finance and Insurance Corporation (EFIC) has provided Espirito Santo Bank (Miami) (ESB) with an export finance guarantee to support Australian exporter Bronx International in its export contract with Zincacero of Mexico.
“We turned to EFIC when our highly regarded, European competitor offered project financing which left us in a difficult position and very exposed. EFIC provided us with a competitive financing package enabling us to secure this very important contract,” says Rod Sawyers, general manager of Bronx.
Bronx, a design and manufacturing company based in Peakhurst, New South Wales, will design and supply a coil-strip paint line to one of Mexico’s leading galvanised steel sheet and coil manufacturers, Zincacero.
With over 50 years experience, Bronx was awarded the contract based on its technical and process expertise and its experience in designing and supplying coil coating equipment.
“We are pleased to assist Bronx to further develop its presence in the Americas. Particularly rewarding was navigating through the complexities of the transaction including establishing a new banking relationship with ESB,” claims Bopha Ammann, associate director, structured trade and project finance for EFIC.
EFIC’s export finance guarantee facility acts as a guarantee to banks and other commercial financiers to lend directly to overseas buyers, encouraging them to provide financing solutions for the export of Australian capital goods and services, supported by an EFIC guarantee.