The Export-Import Bank of the United States (EXIM) has entered into a memorandum of understanding (MOU) with the Ministry of Finance of the government of Angola to increase trade of goods and services between the United States and Angola.
The signing took place at EXIM headquarters in Washington. Ambassador Jeffrey D. Gerrish, EXIM chairman and president (acting), signed the MOU with Angolan Minister of Finance H.E. Augusto Archer Mangueira.
The signing was witnessed by H.E. Agostinho Tavares da Silva Neto, Angola’s ambassador to the United States. Also attending was Cyril Sartor, special assistant to the president and senior director for African Affairs, National Security Council.
“This MOU is a sign of EXIM’s commitment to President Trump‘s Prosper Africa initiative and our eagerness to partner with the Ministry of Finance to create economic opportunities and jobs in the United States and Angola,” said Ambassador Gerrish. “We anticipate that the EXIM-backed financing to follow from this agreement will support exporter and supply-chain jobs in multiple industries across the United States and also foster job creation in Angola.”
“As U.S. ambassador to Angola, my top priority is trade and investment, so I would like to commend the Export-Import Bank of the United States and the Angolan Ministry of Finance for the signing of this MOU. Today’s event is a demonstration of our governments’ interest in strengthening our bilateral trade and investment relationship. This MOU will facilitate the promotion of U.S. exports to Angola, give Angola access to world-class U.S. technology and equipment, and support the economic diversification goals of the government of Angola,” said U.S. Ambassador to Angola Nina Fite.
Under the MOU, EXIM and the Angolan Ministry of Finance agreed to exchange information on business opportunities to further the procurement of U.S. goods and services by both state-owned and private-sector small and medium-sized businesses in Angola. Sectors for business development include energy, oil and gas development, infrastructure, railway and road transportation, supply chain infrastructure, environmental projects, agriculture, health care, water and sanitation, and telecommunications.
EXIM agreed to explore options for providing the bank’s medium- and long-term guarantees or loans of up to $4 billion to support U.S. exports to Angola. For projects that may be eligible for EXIM support, the cooperation between the Ministry of Finance and EXIM would be directed towards qualifying such projects for approval by both institutions.
Prosper Africa (link is external) is a U.S. government initiative announced by President Donald J. Trump in December 2018 to advance American and African prosperity. The initiative is intended to open markets for American businesses, grow Africa’s middle class, promote youth employment opportunities, and improve the business climate. The strategy will benefit Americans by creating jobs, expanding exports from the United States, and increasing reciprocity with African trading partners.
EXIM is 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 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 has provided $14.8 billion to the U.S. Treasury after paying for all of its administrative and program expenses.