Washington – Medium-term financing from The Export-Import Bank of the United States (Ex-Im Bank) is helping Ghanaian businesses purchase $5.7 million of U.S.-manufactured construction equipment, excavation equipment, freighters, trailers, used trucks spare parts, and housing materials in seven separate recently-approved transactions.
Felibat Cold Stores Ltd., a Kumasi poultry distributor, is using Ex-Im Bank’s medium-term loan guarantee to purchase $983,416 of refrigeration units and equipment from Bmil International, Inc., New York, N.Y. and three additional suppliers (Bally Refrigeration Boxes Inc., Hagerstown, Md.; Jamison Door Co., Hagerstown, Md.; and Cesa Inc., Tuscan, Texas). First International Bank, Hartford, Conn. is financing Felibat’s purchase.
Dom-Ex Inc. of Hibbing, Minn. is using Ex-Im Bank’s medium-term guarantee to sell a total of $2 million of construction equipment to Accra buyers in two transactions: Erdmac Company Ltd., an equipment rental company, will complete the $1 million purchase of a motor grader, tractors, a hydraulic excavator, and a tractor truck head unit supplied by Caterpillar Inc., Peoria, Ill. and Ford Automotive Companies Operations, Inc. Dearborn, Mich. Credo Limited will purchase $1 million of construction and excavation equipment supplied by Caterpillar and Mack Truck, Allentown, Pa. Financing for both sales is provided by First International Bank, Hartford, Conn.
Hydraform Estate Ghana, Ltd. of Accra is purchasing $755,409 of prefabricated housing materials from America Homes International of Baltimore, Md. with the backing of an Ex-Im Bank medium-term loan guarantee and financing from Allfirst Bank, Baltimore, Md. In addition to American Homes, suppliers include Metwood, Inc. of Troutville, Va. and Location Logistics Inc. of Annapolis, Md.
Three businesses are relying on Ex-Im Bank’s medium-term guarantee to purchase equipment from U.S. Equipment of Red Oak, Texas: Premier Trading Company Limited of Accra is completing the $616,250 purchase of seven freighters and seven trailers; African Roots Company, Ltd. of Obuasi will buy $850,815 of used trucks and spare parts; and K. Gyamfic Enterprises Ltd. of Tema will buy $498,831 of used trucks and related parts.
In fiscal year 1999, Ex-Im Bank approved more than $145 million in financing for U.S. exports to Ghana, out of nearly $600 million to sub-Saharan Africa. Ex- Im Bank is an independent U.S. government agency that assists in financing the export of U.S. goods and services to developing markets around the world, through export credit insurance, working capital loan guarantees, loan guarantees, and direct loans.
Visit Ex-Im Bank’s Web site at www.exim.gov.
* Stay abreast of Ex-Im Bank’s initiatives in Africa with E-mail Africa, a monthly interactive electronic newsletter available from Ex-Im Bank. Contact ExImAfrica@exim.gov to subscribe.
Contact Nancy Publicover (202) 565-3200 Businesses in Accra, Kumasi, Obuasi, and Tema get competitive financing for their U.S. equipment purchases
