WASHINGTON, Aug. 5, 2014 /PRNewswire-USNewswire/ -- The Export-Import Bank of the United States (Ex-Im Bank) has signed a memorandum of understanding (MOU) with Angola to boost job growth in both countries by strengthening collaboration on the financing of American exports to Angola.
The MOU signing between Ex-Im Bank President Fred P. Hochberg and Angola's Minister of Finance, Mr. Armando Manuel, took place in conjunction with the U.S.-Africa Leaders Summit convened by President Barack Obama this week in Washington, D.C. The three-day summit, which has drawn heads of state and ministers from across the African continent, is designed to advance shared priorities, and strengthen ties between the United States and one of the world's fastest-growing regions.
"Ex-Im Bank's financing can assist Angolan buyers in purchasing almost any kind of 'Made in the USA' product or service to meet their needs," said Hochberg. "And those purchases not only create jobs here in America, but contribute to job growth and an infrastructure built to last in Angola as well."
In the MOU, Ex-Im Bank and Angola's Ministry of Finance agreed to exchange information on trade and business opportunities to enable the procurement of U.S. goods and services by both state-owned and private-sector enterprises in Angola. The MOU identifies the following sectors for business development: energy, infrastructure, railways and roads, mining, telecommunications, agriculture, and environment, including water and sanitation projects.
Ex-Im Bank has authorized a record of more than $1.7 billion for U.S. exports to sub-Saharan Africa through the first ten months of FY 2014.
In the past five years, Ex-Im Bank has authorized more than $5 billion for U.S. exports to sub-Saharan Africa, exceeding the Bank's authorizations of $4 billion for the region approved over the previous decade.
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. 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. In the past fiscal year alone, Ex-Im Bank earned for U.S. taxpayers more than $1 billion above the cost of operations.
In FY 2013, Ex-Im Bank approved more than $27 billion in total authorizations to support an estimated $37.4 billion in U.S. export sales and approximately 205,000 American jobs in communities across the country. For the year, the Bank approved a record 3,413 transactions – or 89 percent of total transactions – for small businesses. Small-business exporters can learn about how the Bank's products can help them increase foreign sales at http://go.usa.gov/ZVTd. For other information about Ex-Im Bank, visit www.exim.gov.
SOURCE Export-Import Bank of the United States