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The Export-Import Bank of the United States (EXIM) Board of Directors yesterday unanimously approved two transactions that will support U.S. exports to Cameroon and Brazil. Together, the two projects total more than $279 million.

In Cameroon, the Board converted a preliminary commitment (originally approved by EXIM in July 2019) to a final commitment of nearly $74 million for construction equipment and related goods and services as part of a project led by the Special Council Support Fund for Mutual Assistance (FEICOM). EXIM’s loan guarantee will support Hoffman International, Inc. a small business located in Piscataway, NJ and serves a testament EXIM’s commitment to fulfilling its sub-Saharan Africa mandate.

Working alongside officials at the U.S. Department of State, EXIM’s China and Transformational Exports Program (CTEP) played a key role in securing the FEICOM project. The flexibilities offered through CTEP provided Hoffman International, Inc. the necessary support to compete with Chinese exporters. The transaction is expected to support an estimated 400 American manufacturing jobs across Wisconsin, North Carolina, Illinois, Pennsylvania, Minnesota, Washington and Ohio.

In a separate action, the Board approved a final commitment for a guarantee of a $205.5 million loan from Citibank to Embraer S.A. in Brazil to support the export of U.S.-manufactured aircraft engines and related components. Utilizing the production facilities of three U.S. exporters, General Electric, Honeywell and Pratt & Whitney, the transaction is expected to support approximately 1,200 U.S. jobs across the aerospace supply chain in North Carolina, Ohio, Arizona and Alabama.

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. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of overall U.S. debt.

At the Sept. 9 end of the two-day 2020 G12 Heads of Export Credit Agencies (ECAs) meeting, which EXIM Bank hosted virtually from its Washington, D.C. headquarters, the 12 Heads of ECAs issued this first-ever G12 joint statement:

The 2020 G12 Heads of Export Credit Agencies (ECA) Meeting was a productive and open exchange that highlighted efforts aimed at stabilizing the availability of working capital and export credit in a volatile international market environment. The transparent discussion brought forth the important work each ECA is undertaking to mitigate the economic impacts of the COVID-19 pandemic. The ECA leaders reiterated their steadfast commitment to supporting their global supply chains—domestically and internationally—as well as promoting exports, job security, and financial investment, all of which underpin prosperity at home and abroad.

During the meeting, EXIM Chairman Kimberly A. Reed met with her counterparts from Brazil, Canada, China, France, Germany, India, Italy, Japan, Russia, the Republic of Korea and the United Kingdom.

“In the wake of the COVID-19 pandemic, this is an important time for Export Credit Agency leaders from around the world to find common ground on key initiatives, especially those that foster greater transparency,” Reed says in a post-meeting statement.

“I am pleased that my foreign counterparts could join me virtually for a robust two-day discussion and look forward to continuing our important work of ensuring a level playing field for exporters around the world.”

EXIM Board of Directors Approves Final Commitments for Projects in Cameroon and Brazil

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