You are on page 1of 3

Media Contact: Media Relations (mediarelations@ubagroup.

com)
For Immediate Release: Wednesday, May 11, 2016
EXIM Bank Signs Memorandum of Understanding with United Bank
for Africa to Expand Trade between US and Africa
MOU Could Provide Up to $100 million to Finance the Purchase of American
Goods and Services
Washington, D.C. Fred P. Hochberg, Chairman and President of the ExportImport Bank of the United States (EXIM Bank), and Phillips Oduoza, CEO and
Group Managing Director of United Bank for Africa (UBA) today signed a
memorandum of understanding (MOU) with the goal of expanding trade
between the U.S. and sub-Saharan Africa at the World Economic Forum Africa
(WEF) in Kigali.
EXIM Bank is proud to build on its decades 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

participated in the signing ceremony.

Organizations,

UBA,

who

all

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.
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.
Since 2009, EXIM has provided more than $6 billion in financing for
transactions across sub-Saharan Africa. For the fiscal year ending in 2014,
the Bank supported $2.05 billion in transactions in more than 20 subSaharan

African

countries.

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.

ABOUT UBA:

United Bank for Africa (UBA) is one of Africa's leading banking Group with
operations in 19 African countries and 3 global financial centers: London,
Paris and New York.
From a single country operation in Nigeria, Africa's largest economy, UBA has
evolved into a pan-African provider of banking and related financial services,
to more than 11 million customers, through over 1000 Business Offices and
diverse channels globally.
ABOUT EXIM BANK:
EXIM is an independent federal agency that supports and maintains U.S. jobs
by filling gaps in private export financing at no cost to American taxpayers.
The Bank provides a variety of financing mechanisms, including working
capital guarantees and export credit insurance, to promote the sale of U.S.
goods and services abroad. Almost ninety percent of its transactions directly
serve American small businesses.
In fiscal year 2015, EXIM approved $12.4 billion in total authorizations. These
authorizations supported an estimated $17 billion in U.S. export sales, as
well as approximately 109,000 American jobs in communities across the
country.
Small business exporters can learn how EXIM products can empower them to
increase foreign sales by clicking here. For more information about EXIM,
visit www.exim.gov.

###