Exim Bank supplies $1.5b financing to aid US exports to sub-Saharan Africa

The United States Export-Import Bank (Exim Bank) approved a record $1.5 billion in financing to support US exports to sub-Saharan Africa during the first three quarters of 2012 fiscal year, the Bank said August 9, 2012.

The financing surpassed the previous record of $1.4 billion which was for the entire year in 2011 fiscal year.

In a statement, the Exim Bank said “The increase was driven by export growth in several sectors, including machinery, vehicles and parts, commodities and aircraft.”

It explains that two of the top markets for US exports in the region are South Africa and Nigeria, which are among Exim Bank’s nine key country markets.

The statement indicated that the Exim Bank, proportionately, supports more US exports to sub-Saharan Africa than it does to the world at large and last year, it financed 6.7% of US exports to the region.

“With this new record in sub-Saharan authorizations already achieved in FY 2011, we are on target to increase that percentage,” said Exim Bank’s Chairman and President Fred P. Hochberg.

According to Hochberg, sub-Saharan Africa is a priority region. He explains that many countries have strong prospects for long-term economic growth and infrastructure development. “We want to help more US exporters increase their sales to this emerging region,” he added.

By Ekow Quandzie