Yaounde July 16, 2012
Export-Import Bank of the United States to Finance $37 Million Sale of Construction Equipment to the Government of Cameroon
On July 16, the Export-Import Bank of the United States will enter into an agreement with Hoffman International and the Government of the Republic of Cameroon to finance the sale of $37 million in construction equipment, including cranes, excavators, and other machinery. The total value of the contract is estimated at $47 million. Hoffman International, based in New Jersey, is a third-generation construction equipment company with deep ties to the New York metropolitan area. Hoffman Equipment now exports to 80 countries, especially in Sub-Saharan Africa, the Middle East, Latin America, and Russia.
The U.S. Export-Import Bank (Ex-Im Bank) is the official export credit agency of the United States. Ex-Im Bank's mission is to assist in financing the export of U.S. goods and services to international markets. Ex-Im Bank enables U.S. companies — large and small — to turn export opportunities into real sales. Ex-Im assumes credit and country risks that the private sector is unable or unwilling to accept. Ex-Im Bank provides working capital guarantees (pre-export financing); export credit insurance; and loan guarantees and direct loans (buyer financing). On average, 85% of its transactions directly benefit U.S. small businesses. With more than 77 years of experience, Ex-Im Bank has supported more than $456 billion of U.S. exports, primarily to developing markets worldwide.
Since 2002, Ex-Im Bank has authorized $4 billion to support U.S. exports to sub-Saharan Africa, and has netted more than $150 million in fees. In 2011, Ex-Im Bank surpassed the $1 billion authorizations mark for the first time in sub-Saharan Africa, with almost $1.4 billion approved to support U.S. exports to the region. Earlier in 2012, Ex-Im Bank announced a three-year renewal of the bank’s Short-Tem Africa Initiative to provide up to $100 million in export-credit insurance to 18 Sub-Saharan African countries, including Cameroon, through March 31, 2015.
The trade relationship between Cameroon and the United States is expanding. Last year, overall bilateral trade increased 26 percent to $538 million (269 billion CFA francs). Cameroonian AGOA exports to the United States rose 21 percent from 2010 to 2011 to reach $173 million (86.5 billion CFA francs), and U.S. exports to Cameroon rose by 66 percent to $216 million (108 billion CFA francs).
For more information, please contact the United States Embassy in Yaounde, Press section Tel 22 20 15 00, ext 4162 or 4273.