News

The Board of Directors of the Export-Import Bank of the United States (Ex-Im Bank) voted to expand its programs to finance the export sale of U.S. goods and services to Cameroon, Cape Verde, Gabon, The Gambia and Senegal, effective October 15, 1998. The Board action is the result of a normal cover policy review which reflected economic improvements in those West African markets, largely in cooperation with International Monetary Fund (IMF) programs.

Specifically, U.S. exporters or foreign buyers of U.S. goods can apply for financing under the following Ex-Im Bank programs:

• Cameroon — short- and medium-term private sector financing.
• Cape Verde — short- and medium-term sovereign (government) financing, and short-, medium- and long-term private sector financing.
• The Gambia — short- and medium-term private sector financing.
• Gabon — short-, medium- and long-term sovereign financing (short-, medium- and long-term private sector financing already is available).
• Senegal — short and medium-term sovereign financing and long-term private sector financing (short- and medium-term private sector financing already is available).

(NOTE: Programs not specified above for a particular country are unavailable there at this time. Check Ex-Im Bank's web site [www.exim.gov under Country Information] for details on program availability in these countries and all countries where Ex-Im Bank is open to do business.)

This action will expand the potential of U.S. companies large and small to increase their business in West Africa at a time when trade and commerce with that continent is a major focus of this Administration, said Ex-Im Bank Chairman James A. Harmon. At Ex-Im Bank, we continue to look for new ways to do more business in Africa.

David. H. Miller, Executive Director of The Corporate Council on Africa, a non-profit organization of over 200 American corporations doing business in Africa, said: This is a major step in the right directon of opening new credit markets for American exporters. We hope it is a trend for expanding credit coverage throughout Africa. These markets offer tremendous potential for U.S. exporters.

Since 1993, Ex-Im Bank has financed over $650 million in exports to sub-Saharan Africa, using its traditional loan, guarantee and insurance programs and its limited recourse project finance program where repayments come from project revenues.

Ex-Im Bank is an independent federal government agency that promotes and assists in financing the sales of U.S. goods and services to markets worldwide. In fiscal year 1998, Ex-Im Bank helped to finance approximately $12.4 billion in U.S. exports.