This article was first published on EXIM’s website. Read the original post here.
With a long history of supporting U.S. exports to Africa, EXIM is building on that record with its role as a key partner in the Prosper Africa Build Together Campaign.
EXIM is one of 17 federal agencies that that make up Prosper Africa, a U.S. government initiative to increase trade and investment between African nations and the United States. Since Prosper Africa was launched in June 2019, the program has helped to close more than 800 deals across 45 African countries for an estimated value of $50 billion in exports and investments.
Support for Empowering Small Business Exports to Africa
EXIM is pleased to play a key role in building those pathways to economic partnership by helping U.S.-based small businesses export their goods and services to Africa.
That’s the message underscored by Rick Angiuoni, EXIM’s Director of Africa, during the recent launch of the Prosper Africa Build Together Campaign held at the Corporate Council on Africa’s U.S.-Africa Business Summit. Florizelle Liser, the Council’s President and Chief Executive Officer, is a member of EXIM’s Sub-Saharan Africa Advisory Committee, which provides guidance and advice regarding EXIM policies and programs designed to support the agency’s engagement in the region.
“For years, African leaders have called for trade, not aid, and of course, there is a lot of wisdom in this. While the U.S. is very much a caring government and will not shy away from aid, Prosper Africa, as a commercial initiative, is the U.S. government’s response to this call. EXIM Bank is proud to participate in the initiative as a key U.S. agency in support of U.S. exports to Africa,” Angiuoni said.
Since its first deal with Angola in 1942, EXIM has been a strong and reliable trading partner for Africa. Since 1997, that commitment has been underscored by EXIM’s congressional mandate to increase exports to sub-Saharan Africa. EXIM is currently open in 47 of 54 African countries, supporting U.S. companies with trade finance tools, including export credit insurance, working capital guarantees, and loan guarantees.
Much of that support goes to small businesses, such as the DemeTech Corporation of Miami, Florida, that exported medical supplies to Egypt and the Rome Plow Company of Cedartown, Georgia, that exported agricultural equipment to Tanzania.
In addition, Angiuoni highlighted the success of Weldy-Lamont Associates, Inc., of Mount Prospect, Illinois, a small business that has worked with EXIM to focus on rural electrification projects in Africa. Most recently, EXIM’s Board of Director’s approved a $91.5 million loan guarantee that supports U.S. exports of design engineering and construction services to the Republic of Senegal. The mutually beneficial project exemplifies the aim of Prosper Africa since it will bring electricity to approximately 330,000 Senegalese in more than 400 villages at the same time it supports an estimated 500 U.S. jobs in 14 states.
Tools for Enabling Two-Way Trade and Investment
“The Prosper Africa Build Together Campaign will drive billions of dollars of investment in Africa, build new markets for American products, and create thousands of jobs for both African and American workers,” said Dana L. Banks, Special Assistant to the President and Senior Director for Africa, National Security Council.
EXIM will continue to play a central role in this targeted, long-term effort to elevate and energize the United States’ commitment to increasing trade and investment with Africa.
To find out how EXIM can help your business export to Africa – or anywhere in the global marketplace – schedule a free consultation with an EXIM trade finance specialist.