US EXIM Bank signs MOU with Senegal to boost trade
The Export-Import Bank of the United States (EXIM) has entered into a memorandum of understanding (MOU) with the Ministry of Economy, Planning and Cooperation of the Republic of Senegal to enhance economic cooperation between the two countries with respect to the trade of goods and services.
The MOU signing took place during the week of the 2019 annual meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Washington, D.C.
At EXIM headquarters in Washington, EXIM President and Chairman Kimberly A. Reed signed the MOU with Senegal’s Minister for Economy, Planning, and Cooperation Amadou Hott.
The signing also was witnessed by the Senegalese delegation; members of EXIM’s board of directors, Spencer Bachus III and Judith D. Pryor; and representatives from the U.S. Embassy in Dakar, Senegal, the U.S. Department of State, the U.S. Trade and Development Agency, the U.S. Department of Commerce, the National Security Council, and the United States Agency for International Development.
“By signing this MOU, we recognize each other’s interests, and we acknowledge that increased cooperation between the United States and Senegal will serve our common objectives to drive economic growth, create high-quality jobs, and improve people’s lives,” said EXIM President and Chairman Kimberly A. Reed. “Senegal is an important partner of the United States, and we look forward to working together to strengthen the relationship between our two countries.”
“We celebrate the signing of the memorandum of understanding as an important step for our two countries,” said Senegal’s Minister for the Economy, Planning and Cooperation Amadou Hott. “This agreement builds a solid foundation for future capacity building, two-way trade and investment between the United States and Senegal, and we look forward to growing our strong partnership.”
The MOU underscored EXIM’s commitment to fulfilling the congressional mandate to increase U.S. exports to sub-Saharan Africa. The agreement will also advance the goals of the Trump Administration’s Prosper Africa (link is external) initiative that aims to substantially increase two-way trade and investment between the United States and Africa. EXIM supports projects in 48 countries across Africa, including 44 in sub-Saharan Africa. Since 2009, EXIM has authorized more than $12.4 billion supporting U.S. exports to sub-Saharan Africa.
“Prosper Africa seeks to advance a new era of U.S-Africa relations, and this agreement helps fulfill that objective by building greater commercial engagement between the United States and Senegal,” said Chairman Reed.
The total amount of EXIM financing potentially available under the MOU would be $500 million. EXIM and Senegal’s Ministry of Economy, Planning and Cooperation agreed to identify potential projects for procurement of U.S.-produced goods and services for government projects.
EXIM agreed to explore options for providing the agency’s medium- and long-term loans, guarantees, and export credit insurance to support U.S. exports to Senegal. For projects that may be eligible for EXIM support, cooperation between the Senegalese Ministry of Economy, Planning and Cooperation and EXIM would be directed towards qualifying such projects for approval by both institutions.
Chairman Reed previously met with Minister Hott at EXIM headquarters in September to discuss opportunities for expanding bilateral trade cooperation. She later joined Senegal’s Minister for Foreign Affairs Amadou Ba at a U.S.-Africa Business Roundtable held in conjunction with the 74th United Nations General Assembly (UNGA) in New York, where she highlighted how EXIM support for American exports creates economic growth and prosperity in both the United States and Africa.
