Export-Import Bank of the United States Announces Acrow Corporation as Winner of Partnership for Global Infrastructure and Investment Deal of the Year Award at 2023 Annual Conference
WASHINGTON, DC – The Export-Import Bank of the United States (EXIM) presented Acrow Corporation of America, in Parsippany, NJ with its first-ever Partnership for Global Infrastructure and Investment (PGI) Deal of the Year Award at its 2023 Annual Conference.
The Partnership for Global Infrastructure and Investment is a Biden-Harris Administration initiative dedicated to developing a values-driven, high-impact partnership with other G7 nations to meet the infrastructure needs of low- and middle-income countries.
The Acrow Bridge project supports efforts in Angola to modernize road and transportation infrastructure. EXIM financing supports Acrow’s sourcing of component materials and production equipment ensuring more manufacturing and associated jobs in the U.S. The project will see the engineering, procurement, and construction of 186 bridges, roads, and associated infrastructure throughout Angola. Standard Chartered Bank and the Ministry of Finance of the Republic of Angola will also be receiving this year’s PGI Deal of the Year Award for this project.
“I am so pleased to present this first-ever PGI Deal of the Year Award to Acrow Corp.,” said EXIM President and Chair Reta Jo Lewis. “This transaction with Acrow Corp. not only provides crucial infrastructure support to Angola, but also marks an important step forward as EXIM continues to work with the Biden-Harris Administration and other likeminded nations to continue leveraging its financing capabilities to support global infrastructure priorities and increase the competitiveness of American small businesses.”
“Acrow Bridge has greatly valued its partnership with EXIM in supporting Acrow’s successfully financed Bridge Development Programs in Africa, including its current project in Angola,” said Paul Sullivan, President of International Business. “EXIM supports American exporters like Acrow with its holistic approach to ensuring overall project success, with a focus on positive stakeholder outcomes through to full implementation, above and beyond the transactional elements. EXIM keenly understands the value proposition of American exporters – high-quality, innovative products and comprehensive service – and endeavors to ensure that the financing is there to support that value proposition in competitive international market settings.”
“Standard Chartered Bank is very proud to have played a pivotal role in the structuring and unlocking of EXIM’s support for the financing of this critical bridge infrastructure project, which will open up and accelerate inclusive economic growth and social benefits across several communities in Angola, a core market for us,” said Faruq Muhammad, Global Head of Structured Export Finance at Standard Chartered. “The flexibility embedded in the proposed financing package is testament to EXIM’s strong commitment to working with the parties involved to deliver meaningful infrastructure development. We will leverage our extensive global experience in delivering complex ECA financing mandates for sovereign borrowers to support the stakeholders in this project and ensure a smooth closing of the facility.”
ABOUT EXIM BANK:
EXIM Bank an independent federal agency that provides competitive and necessary export credit to overseas purchasers of U.S. exports to promote and support American jobs. A robust and fully functioning EXIM Bank can assist the United States in leveling the global playing field for U.S. exporters when they compete against foreign companies that receive the support of their national export credit agencies. EXIM also contributes to U.S. economic growth and the support of more than a million jobs through the support of thousands of small and medium-sized enterprises (SMEs) around the country. Since 2000, EXIM Bank has provided $14.6 billion to the U.S. Treasury after paying for all of its administrative and program expenses.
For more information about EXIM, please visit www.exim.gov.