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FOR IMMEDIATE RELEASE October 18, 1999 Contact: USA - Marianna Ohe, Ex-Im Bank, Washington, D.C.: 202-565-3200 Ghana - Andrea Meyer, U.S. Embassy, Accra: 233-21-229-179 Ex-Im Bank Chairman James A. Harmon signs memorandum of cooperation with Ghanian companies on first stop of business development trip to sub-Saharan Africa Accra, Ghana: James A. Harmon, Chairman of the Export-Import Bank of the United States (Ex-Im Bank) today signed a memorandum of cooperation (MOC) with five Ghanaian companies, a U.S. lender, and its Ghanaian financial advisor that pledges these parties to working together to optimize trade opportunities for U.S. exporters and their Ghanaian buyers. Under the MOC, Ex-Im Bank will expand its support to the Ghanian private sector and U.S. companies seeking to export to Ghana. The signers included five private Ghanaian companies that have recently purchased U.S. goods with the assistance of Ex-Im Bank financing: Expandable Polystyrene Products Ltd., Cashew and Spices Products Ltd. (Cashpro), Bibiani Logging and Lumber, Eldin Salt Mill, and Landmark Green. First International Bank of Hartford, CT, an active lender in Ex-Im Bank`s Africa Initiative, and its financial advisor in Ghana, Network Financial Services, also signed the agreement. "Ex-Im Bank has seen an 11-fold increase in our financing to sub-Saharan Africa this past year, and we have enjoyed much of this success in Ghana. In fiscal year 1999, we approved more than $145 million in financing to help U.S. exporters -- large and small businesses -- to make important sales to this growing market. We hope that this agreement will further encourage trade between our countries," Ex-Im Bank Chairman James A. Harmon said. Harmon is on a 12-day business development mission to four sub-Saharan African countries -- Ghana, Nigeria, South Africa, and Mozambique -- from October 16 through October 28, 1999. Among recent Ghana transactions, Ex-Im Bank authorized medium-term loan guarantees and export credit insurance to help U.S. companies in five separate sales to export nearly $3.2 million of U.S.- manufactured packaging equipment, drilling and milling machinery, audio recording equipment, trucks and buses to Ghana. The five recent transactions:
Ex-Im Bank is an independent U.S. government agency that assists in financing the export of U.S. goods and services to developing markets around the world, through export credit insurance, working capital loan guarantees, loan guarantees, and direct loans. In fiscal year 1999, Ex-Im Bank authorized $13 billion in financing to support more than $16 billion of U.S. exports. Ex-Im Bank approved nearly $548 million for U.S. exports to sub-Saharan Africa in fiscal year 1999 -- an 11-fold increase over the previous fiscal year. |
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