The U.S. Export-Import Bank and the Eastern and Southern Africa Trade and Development Bank signed a memorandum of understanding to expand trade opportunities between the United States and sub-Saharan Africa.
The U.S. Export-Import Bank and the Eastern and Southern African Trade and Development (PTA) Bank have signed a memorandum of understanding (MOU) with the goal to expand trade of goods and services between the United States and sub-Saharan Africa.
“This memorandum builds on a partnership that will advance Ex-Im’s mandate to promote the purchase of U.S. goods and services in the public and private sectors in sub-Saharan Africa,” said U.S. Ex-Im Bank Chairman and President Fred P. Hochberg, who signed the MOU with PTA Bank’s President and Chief Executive Admassu Tadesse in New York last week.
The MOU is a statement of general intent between the Ex-Im and PTA banks to exchange information on trade and business opportunities in sectors including commodities, agriculture and food products, medical equipment, water and sanitation, power and energy, infrastructure, and large and small equipment purchases.
Under the MOU, the banks will explore options for using up to $100 million dollars in Ex-Im Bank financing programs, including its short-, medium-, and long-term financing programs. Since 2009, Ex-Im Bank has supported more than $8 billion in exports to Africa, of which about 90 percent went to the sub-Saharan African region.
U.S. Ex-Im Bank expands relationship with Africa’s PTA bank
