Aug 4 Trade ties between the United States and
Africa will be hit if the U.S. Congress decides to close the
Export-Import bank, the Financial Times reported General
Electric Co Chief Executive Jeff Immelt as saying.
The Ex-Im Bank provides loans, loan guarantees and credit
insurance to help private companies export goods overseas. Its
biggest beneficiaries are companies such as Boeing and
Caterpillar, but smaller exporters also receive
Ex-Im will be forced to close if Congress does not renew its
charter by Sept. 30.
Immelt said the bank was crucial for U.S. companies
operating in Africa because it showed the government was
prepared to have "some skin in the game", the FT reported. (on.ft.com/WVN5SO)
The closure will mean that "we are basically making a
statement as a country that we do not think that exports are
important," Immelt said.
On Monday, GE said it would invest $2 billion in Africa by
(Reporting by Ankush Sharma in Bangalore; Editing by Simon