The Export-Import Bank of the United States (EXIM) and Ghana Export-Import Bank (GEXIM) have signed a cooperation agreement to promote the private sector and industrial development. The agreement is expected to facilitate the establishment of small-scale industries in Ghana’s administrative districts. The agreement will utilize EXIM’s medium-term loan guarantees to support GEXIM. GEXIM in turn will extend financial support to eligible Ghana’s small and medium-sized enterprises (SMEs) for their purchases of US goods and services. Under the scheme, up to $300 million can be disbursed in transactions of up to $10 million under EXIM ‘s medium-term guidelines subject to EXIM’s policies.
In a statement, Chairman and Acting President of EXIM, Ambassador Jeffrey Gerrish said, “This cooperative framework agreement confirms EXIM’s commitment to President Trump’s Prosper Africa initiative and demonstrates our sincere interest in partnering with GEXIM to create economic opportunities and jobs in both Ghana and The United States.”The initiative reportedly will also support American exporter and create supply-chain jobs in multiple industries in The United States. According to Mr. Agyinsam, CEO of GEXIM the agreement will enable GEXIM as the lead financing institution mandated to support government’s One-District, One-Factory program to empower and equip private-sector operators in each district in value addition, processing, and exports. EXIM and GEXIM agreement creates an on-lending structure that allows GEXIM to function as a borrower and the primary source of repayment for EXIM
