The Export-Import Bank of the United States, EXIM Bank, and the United Bank for Africa, UBA, on Wednesday, May 11, signed a memorandum of understanding, MOU, with the goal of expanding trade between the U.S. and sub-Saharan Africa.
The MoU was signed at the World Economic Forum Africa, WEF, in Kigali by Chairman and President of US EXIM Bank, Fred P. Hochberg, and UBA group managing director/CEO, Phillips Oduoza.
“EXIM Bank is proud to build on its decade’s long commitment to financing American exports to sub-Saharan Africa,” said C 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.
The MOU is a statement of general intent between EXIM Bank and UBA to promote the availability of EXIM financing of up to $100 million in the region. EXIM Bank and UBA will work together to share information and develop export-financing opportunities in key sectors including commodities, agriculture and food products, spare parts, and large and small equipment purchases.
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.