The U.S. Export-Import Bank has approved $1.1 billion to finance U.S. exports to Africa during the first half of this year, bringing to $5 billion the amount authorized for exports to the area in the past five years.
Ex-Im Bank Chairman and President Fred Hochberg announced the deal Tuesday while in Ethiopia for the U.S. Africa-Energy Ministerial. Hundreds of business leaders and government officials are attending, including more than 30 African energy ministers.
The bank said the ministerial is part of President Barack Obama’s goal to develop clean-energy sources and adopt energy-efficient technologies.
"Ex-Im Bank is committed to expanding U.S. trade with sub-Saharan Africa, which is home to seven out of 10 of the world's fastest-growing markets,” Hochberg said. “U.S. exporters are eager to realize the tremendous opportunities in this region, and the Bank is helping them to create and sustain American jobs by increasing their exports to Africa.”