GE's Immelt Says Ex-Im Bank Closure Would Hurt US-Africa Trade: FT

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GE's Immelt Says Ex-Im Bank Closure Would Hurt US-Africa Trade: FT

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GE's Immelt Says Ex-Im Bank Closure Would Hurt US-Africa Trade: FT

by Wochit 1:10 mins

GE's Immelt Says Ex-Im Bank Closure Would Hurt US-Africa Trade: FT

by Wochit 1:10 mins

The Financial Times reported General Electric Co Chief Executive Jeff Immelt as saying that Trade ties between the United States and Africa will be hit if the U.S. Congress decides to close the Export-Import bank. 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 financing. Ex-Im will be forced to close if Congress does not renew its charter by Sept. 30. The FT reported that 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." Immelt said, the closure will mean that "we are basically making a statement as a country that we do not think that exports are important." On Monday, GE said it would invest $2 billion in Africa by 2018.

Wochit

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