MOU Could Provide Up to $100 million to Finance the Purchase of American Goods and Services
“EXIM Bank is proud to build on its decade’s long commitment to financing American exports to sub-Saharan Africa,” said Chairman Hochberg. “This memorandum signals to American exporters and African businesses alike that there are many more promising opportunities to work together, and EXIM stands ready to provide the financing needed to turn more of those opportunities into realities.”
The two were joined by Uzoka Kennedy, Deputy Managing Director and Group Managing Director Designate, UBA and Sola Yomi-Ajayi, Group Head, Financial Institutions and International Organizations, UBA, who all participated in the signing ceremony.
UBA is a leading financial services institution in Africa, with business offices in 19 African countries, in addition to offices in the U.S., United Kingdom and France. The multinational Bank provides banking services to over 11 million customers in Africa and around the world.
Under the MOU, EXIM Bank and UBA will explore options for offering a range of financing solutions for American exporters and African buyers, including short and medium-term financing programs that allow for flexible repayment terms and competitive insurance policies guaranteed by EXIM.
In 2014, the Bank signed a $100 million MOU with the Eastern and Southern African Trade and Development Bank (PTA Bank) to finance U.S. exports to the region that target both Diaspora businesses in the U.S. and PTA Bank's member states.