Export-Import Bank of the United States Chair Lewis Signs More Than $1 Billion in Memoranda of Understanding with African Financial Institutions at U.S.-Africa Leaders Summit
WASHINGTON – The Export-Import Bank of the United States (EXIM) President and Chair Reta Jo Lewis today signed three Memoranda of Understanding (MOU) worth more than $1 billion with African financial institutions in the U.S.-Africa Business Forum (USABF) Deal Room at the U.S.-Africa Leaders Summit. The deal totals were also announced yesterday by the Biden-Harris Administration in a fact sheet.
“The partnerships that we are establishing today are very much a demonstration of EXIM’s commitment to resetting and renewing our outreach efforts with Africa,” said Chair Lewis. “While collaboration with Africa is one of our founding charter mandates, it is also a Biden-Harris Administration priority; one that we are dedicated to fulfilling in support of the advancement of U.S. exports.”
Chair Lewis signed a $500 million MOU with African Export-Import Bank (Afreximbank) President, Benedict Oramah, a $500 million MOU with the Africa Finance Corporation (AFC) CEO, Samaila Zubairu, and a $300 million MOU with Africa50 CEO, Alain Ebobisse, whom Chair Lewis met while in Africa last month.
Chair Lewis reiterated EXIM’s commitment to partnering with Afreximbank as both parties work to enhance commercial ties between Africa and the U.S.
Chair Lewis spoke about the importance of establishing a relationship with AFC that will allow both parties to harmonize efforts as they relate to economic development, the promotion of U.S.-Africa trade, and enhanced opportunities for collaboration on projects in key sectors such as renewable energy and critical minerals.
Chair Lewis and Africa50 CEO Alain Ebobisse signed the MOU and talked about further advancing their shared commitment to economic opportunity and supporting jobs in their respective regions. The $300 million MOU will allow Africa50 to enhance collaboration with EXIM and assist in matching U.S. businesses with medium- to large-scale bankable infrastructure projects throughout the continent.
Earlier in the day, Chair Lewis moderated a panel, “Charting the Course: The Future of U.S.-Africa Trade & Investment Relations,” featuring His Excellency William Ruto, President of the Republic of Kenya, His Excellency Aziz Akhannouch, Prime Minister of the Kingdom of Morocco, Ambassador Katherine Tai, U.S. Trade Representative, Tony O. Elumelu, Chairman of the United Bank for Africa, Alfred F. Kelly, Jr., Chairman and CEO of Visa, Inc., Wamkele Mene, Secretary-General of the AfCFTA Secretariat. The discussion focused on the evolving and innovative policies and strategies that U.S and African public and private sectors can develop and implement to further advance U.S.-Africa two-way trade and investment.
The Export-Import Bank of the United States (EXIM) is the nation’s official export credit agency with the mission of supporting American jobs by facilitating U.S. exports. To advance American competitiveness and assist U.S. businesses as they compete for global sales, EXIM offers financing including export credit insurance, working capital guarantees, loan guarantees, and direct loans. As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of U.S. debt. Learn more at www.exim.gov.