THE TRADE FINANCE TEAM PROVIDING SUPPORT FOR U.S. COMPANIES EXPORTING TO AFRICA
BY JANE LEMONS
As an independent federal government agency, the Export-Import Bank of the United States (EXIM) provides trade finance tools to help U.S.-based businesses of all sizes export their goods and services to Africa.
EXIM’s support for Africa dates to 1942, when its first transaction on the continent was in Angola. Over the past decades, EXIM has been a strong and reliable financing partner for African nations and that commitment has been underscored by EXIM’s congressional mandate to promote expanded financial commitments in Sub-Saharan Africa.
Under the leadership of EXIM Chair Reta Jo Lewis, the agency has strengthened its partnership with Africa, approving approximately $4 billion in authorizations for Sub-Saharan Africa. That includes two of the largest renewable energy projects in EXIM history, led by Miami-based SunAfrica. The EXIM Chair has made at least seven trips to eight nations and signed six memorandums of understanding (MOUs) with African governments and financial institutions.
To support this mission, EXIM has a team of trade finance specialists who work directly with U.S. companies to help them sell their products. EXIM supports American businesses with trade finance tools that provide short-, medium-, and long-term options. The agency is open for business in many African countries, including high-risk and emerging markets, and the latest information can be found via the Country Limitation Schedule.
Ufo Eric-Atuanya, far left; and EXIM Chair Reta Jo Lewis, next in blue jacket.
EXIM’s support typically takes the form of guarantees or insurance of lender loans, mitigating risk so buyers can obtain funds at lower rates and for longer terms. To help U.S. companies access these tools, EXIM has a Global Business Development team that has extensive experience working with African nations. The team is headed by Ufo Eric-Atuanya, EXIM’s Senior Vice President of Global Business Development and Senior Advisor for Africa. He brings a background in trade and investment, international relations, and government affairs.
The Africa team also includes Benjamin Todd, Vice President for Global Business Development and Rick Angiuoni, Director for Africa.
EXIM also offers short-term financing, including export credit insurance and working capital loan guarantees. The agency’s export credit insurance reduces the risk of buyer nonpayment while providing the opportunity for U.S. companies to offer open account credit terms.
Elena Mendez serves as Regional Director, based in EXIM’s Miami office, and works regularly with small businesses. “My goal is to share my knowledge and experience, and act as an advisor to identify the best solution to successfully grow the potential export sales of each U.S. exporter,” Mendez said.
In addition, EXIM has a Sub-Saharan African Advisory Committee, whose members offer advice on developing and implementing policies and programs to support engagement in sub-Saharan Africa. The committee is chaired by Jude Kearney, Managing Partner at the Washington, D.C., law firm of ASAFO & Co., a longtime specialist in African transactions.
“I think all businesses should consider exporting,” said Kearney. “Obviously, they’ll need to do their research and determine what types of returns they get in particular markets. But, as with anything, expanding your options expands the possibility that you’re going to succeed. There are no businesses in the U.S. whose products and services aren’t in demand in many other markets across all directions. So, we strongly recommend that small, medium, and all size businesses look for opportunities in foreign markets.”
Jane Lemons is a Business Development Specialist with the Export-Import Bank of the United States.
EXIM Chair Reta Jo Lewis, center in red jacket; Ufo Eric-Atuanya, EXIM Senior Vice President of Global Business Development and Senior Advisor for Africa, top right; and Tamara Maxwell, EXIM Acting Senior Vice President of Small Business, standing in plaid jacket.