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Cape Town - The Export-Import Bank of the United States (Ex-Im Bank) on Tuesday announced that it will provide Transnet with approximately R1.1bn ($108m) to support the purchase of 53 American-made GE locomotives.
In February 2011, the bank approved a R1.1bn for the sale of 47 GE locomotive kits, which brings the total Ex-Im financial support for Transnet to R2.2bn ($230m).
"As the President (Barack Obama) highlighted on his recent trip, there are enormous opportunities for US exporters in South Africa and across the broader region," said Ex-Im chairperson and president Fred Hochberg, adding that his bank will continue to help American companies expand their reach into this "dynamic market".
In February 2011, the bank approved a R1.1bn for the sale of 47 GE locomotive kits, which brings the total Ex-Im financial support for Transnet to R2.2bn ($230m).
"As the President (Barack Obama) highlighted on his recent trip, there are enormous opportunities for US exporters in South Africa and across the broader region," said Ex-Im chairperson and president Fred Hochberg, adding that his bank will continue to help American companies expand their reach into this "dynamic market".
Britain's Barclays Bank is the guaranteed loan agent and arranger, while Nedbank will be the funding bank. The loan is guaranteed by Ex-Im Bank and will be denominated in rand.
South Africa is one of nine key markets Ex-Im Bank has identified as having strong opportunities for US exporters.
In it's 2012 annual results, Ex-Im Bank authorised approximately $130m in financing to South Africa and the Bank's current exposure is more than $1bn.
