Ex-Im Approves $155.4 Million Loan to Finance Hospital Expansion in Ghana
WASHINGTON, Jan. 14, 2013 /PRNewswire-USNewswire/ -- In keeping with its focus on sub-Saharan Africa, the Export-Import Bank of the United States (Ex-Im Bank) has authorized a $155.4 million direct loan to the Republic of Ghana to finance the design and construction of a hospital expansion in Accra, Ghana.
Americaribe Inc. of Miami, Fla., will export the goods and services required in the project.
The loan will support approximately 700 U.S. jobs, according to bank estimates derived from Departments of Commerce and Labor data and methodology.
"This transaction, which is our second authorization for sub-Saharan Africa of the calendar year, reflects our continued commitment to supporting exports to Africa and the priorities of the President's 2012 Presidential Policy Directive," said Ex-Im Bank Chairman and President Fred P. Hochberg. "Moreover, the transaction will ensure Ghana can provide better healthcare to its people and in the process support hundreds of U.S. jobs in a key sector."
The Ridge Hospital Complex, which was built in 1928, serves as the primary medical facility for the Greater Accra Region (GAR). Between 2000 and 2010, the GAR population increased from 1.4 million to 3.9 million, and so the expansion of the complex will help alleviate the capacity shortages. When completed, the hospital will number among the most advanced medical facilities in West Africa and will include a new 420-bed building housing a comprehensive diagnostic and treatment block and a state-of-the-art maternity ward.
Americaribe, which incorporated in Florida in 2002, is a subsidiary of the multinational group Bouygues and specializes in the design, engineering, and construction of healthcare, education, transportation, residential, and commercial projects.
"The Ghana Ridge Hospital is a key project for Americaribe's business development, boosting our activity and allowing us to create between 15 and 20 new direct jobs in the U.S. during the three years of the contract," said Jean-Baptiste Baudin de la Valette, president of Americaribe. "As of today, we already have hired three new employees directly linked to this transaction. It will also strengthen our relationship with our consultants and suppliers in the U.S. and will allow them to maintain or create hundreds of technical and specialized jobs. We have also created Americaribe Ghana Ltd., a company registered in Ghana and 100% owned by Americaribe Inc., to execute the job."
HSBC London and New York Project & Export Finance teams acted as financial advisor to the Government of Ghana throughout the Ex-Im Bank application and due diligence processes.
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.
SOURCE Export-Import Bank of the United States