Original news was published on 10 June, 2014
The Export-Import Bank of the United States authorized US$1.1 billion to finance U.S. exports to Angola. The loan will fund the purchase of oil and rail equipment manufactured by GE.
The announcement was made by Ex-Im Bank chairman and president Fred P. Hochberg at the U.S. Africa-Energy Ministerial in Addis Ababa, Ethiopia, along with Department of Energy secretary Ernest Moniz. Hochberg emphasized the U.S. commitment to trade with the African region.
“Ex-Im Bank is committed to expanding U.S. trade with sub-Saharan Africa, which is home to seven out of 10 of the world’s fastest-growing markets,” Hochberg said in a statement. “U.S. exporters are eager to realize the tremendous opportunities in this region.”
In the past five years, Ex-Im Bank has authorized more than US$5 billion for U.S. exports to sub-Saharan Africa.