Ex-Im Approves $15.7 Million Direct Loan to Finance Export of American-made Fire Trucks to Nigeria
Media Contact: Lawton King (202-565-3200)
For Immediate Release: Thursday, January 10, 2013
Ex-Im Approves $15.7 Million Direct Loan to Finance Export
of American-made Fire Trucks to Nigeria
Washington, D.C. – The board of the Export-Import Bank of the United States (Ex-Im Bank) has authorized a $15.7 million direct loan to the state government of Lagos, Nigeria, to underwrite the purchase of 32 American fire-fighting vehicles manufactured by W.S. Darley & Co. (Darley) of Itasca, Ill.
The loan, which is in line with the Administration’s “Doing Business in Africa Campaign,” will support approximately 100 U.S. jobs, according to bank estimates derived from Departments of Commerce and Labor data and methodology. Moreover, 65 percent of the financing is expected to support American small businesses.
This transaction reflects our continued commitment to increasing exports to sub-Saharan Africa while supporting American small-business jobs,” said Ex-Im Bank Chairman and President Fred P. Hochberg. “Additionally, the financing, which targets one of our nine key markets, ensures the government of Lagos can respond efficiently and effectively to emergency situations.”
The State of Lagos, which is home to Nigeria’s commercial center and largest city of the same name, plans to upgrade its fleet of fire-fighting vehicles. The governor of Lagos has declared that the expansion and re-equipping of the fire service is an urgent matter of state security.
Darley is a family-owned small business founded in 1908. The company, which has exported its products to foreign markets since the 1940s, designs and manufactures firefighting trucks, equipment, pumping, and safety gear.
“Darley Company is excited to have the opportunity to work with the Lagos Nigeria Fire Service on this important contract,” said Peter Darley, vice president of Darley. “This project was only possible because our customer was able to secure financing with the assistance of Ex-Im. As a small business, this type of support meant we were able to compete with other companies outside of the US for this business. Darley, as well as some of our key partner suppliers, will need to hire new employees so we can fulfill this order.”
Darley’s Africa Representative, Trinity International Inc. of Potomac, Md., arranged the transaction.
In FY 2012, Ex-Im Bank authorized more than $1.5 billion to support U.S. exports to sub-Saharan Africa.
ABOUT EX-IM BANK:
Ex-Im Bank is an independent federal agency that creates and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years (from Fiscal Year 2008), Ex-Im Bank has earned for U.S. taxpayers nearly $1.6 billion above the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.
Ex-Im Bank approved $35.8 billion in total authorizations in FY 2012 – an all-time Ex-Im record. This total includes more than $6.1 billion directly supporting small-business export sales – also an Ex-Im record. Ex-Im Bank's total authorizations are supporting an estimated $50 billion in U.S. export sales and approximately 255,000 American jobs in communities across the country. For more information, visit www.exim.gov.
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From: News Desk [newsdesk@exim.gov]
Sent: Tuesday, June 05, 2007 2:53 PM
To: Peter Addo
Subject: U.S. Small Business Sells Oil Storage and Pipeline Equipment to Ghana Backed
by Ex-Im Bank $109.5 Million Guarantee The following information is from the Export-Import Bank of the United States (Ex-Im Bank). It is being sent to subscribers to the Bank's general news email list for those interested in learning about Ex-Im Bank's activities.
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JUNE 5, 2007
Contact: Marianna Ohe (202) 565-3200
U.S. SMALL BUSINESS SELLS OIL STORAGE AND PIPELINE EQUIPMENT TO GHANA
BACKED BY EX-IM BANK $109.5 MILLION GUARANTEE WASHINGTON, D.C. - American Tank & Vessel Inc. (AT&V), a small business with offices in Houston, Tex., and headquartered in Mobile, Ala., will export oil storage tanks and pipelines to the Republic of Ghana backed by a $109.5 million loan guarantee from the Export-Import Bank of the United States (Ex-Im Bank).
The export sale to Ghana's Bulk Oil Storage and Transportation Company (BOST) will create and sustain jobs at AT&V and its U.S. suppliers from Oregon to Alabama, while benefiting Ghana's economy by increasing the country's oil storage capacity and improving delivery of petroleum-related products into rural areas.
"This transaction reflects two key Ex-Im Bank priorities - expanding support for U.S. small business exports and for U.S. exports to sub-Saharan Africa," said Ex-Im Bank Chairman and President James H. Lambright. "We look forward to supporting further projects in the growing Ghanaian market."
"The project brings work to the U.S. in the form of engineering, fabrication and material procurement, as well as sustaining and promoting job growth at AT&V and our suppliers," said AT&V Vice President W.T. Cutts. "AT&V's employees are excited about working with BOST and their Ghanaian counterparts to continue to develop U.S. exports
to the sub-Saharan market." AT&V is designated a small business by the U.S. Small Business Administration.
The Ex-Im Bank loan guarantee covers the $79.4 million export sale, as well as related local project costs in Ghana, capitalized interest during construction, and an exposure fee. The Ex-Im Bank-guaranteed lender on the transaction is Citibank N A, New York, N.Y.
The credit will be secured by the full faith and credit of the government of Ghana. The Ex-Im Bank financing will support the expansion of oil storage capability at the Mami Water Depot from 120,000 metric tons to 230,000 metric tons, and the construction of two 70-kilometer pipelines to transport petroleum into the interior areas
of Ghana. Trinity International, Inc., Potomac, Md., arranged the transaction, introducing BOST, a Ghanaian government agency, to AT&V and Ex-Im Bank financing. Ex-Im Bank, an independent federal government agency, this year marks its 72nd year of helping finance the sale of U.S. exports, primarily to emerging markets throughout the world. The Bank last year authorized over $12.1 billion in export financing, including more than $532 million in support of U.S. exports to sub-Saharan Africa, and $3.18 billion to back U.S. small business exports. Ex-Im Bank works with commercial lenders to help U.S. companies increase export sales and American jobs and minimize risk by accessing the Bank's financing and export credit insurance.
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