Ex-Im Will Provide $108 Million to Support Purchase of American Locomotives
The Export-Import Bank of the United States (Ex-Im Bank) said July 9 it will loan $108 million to Transnet SOC Limited (Transnet), a company based in South Africa, to support the purchase of 53 American-made GE locomotives. Along with another transaction from February 2011 for the sale of 47 GE locomotive kits, Ex-Im Bank will provide a total of $230 million in financing and support the purchase of 100 GE locomotives.
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
Ex-Im’s financing arrangements for Transnet will support jobs in both the U.S. and South Africa, according to Lorenzo Simonelli, President and CEO of GE Transportation. Simonelli called Ex-Im financing “essential” to maintaining the competitiveness of American products in the midst of global competition. “I am excited at the prospect of Ex-Im helping to finance another American sale in Transnet’s next locomotive purchase, scheduled for later this year,” he said.