US to finance US$1.1 billion of exports to sub-Saharan Africa - CNBC Africa

US to finance US$1.1 billion of exports to sub-Saharan Africa

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US to finance US$1.1 billion of exports to sub-Saharan Africa. PHOTO: Getty Images

The announcement was made at the US Africa-Energy Ministerial this week in Ethiopia by Ex-Im Bank chairman Fred P. Hochberg along with the Department of Energy Secretary Dr Ernest Moniz.

"Ex-Im Bank is committed to expanding US trade with sub-Saharan Africa (SSA), which is home to seven out of 10 of the world's fastest-growing markets. US 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,” said Hochberg.

“We look forward to increasing financing for American-produced exports to Africa's energy sector."

(READ MORE: sub-Saharan Africa to build onto US power initiative)

The Ex-Im Bank’s US-Africa trade commitment is part of the US President Barack Obama’s Power Africa Initiative which will explore strategies to accelerate development of clean energy sources and technologies.

(WATCH VIDEO: US strategies for powering up Africa)

Over the past five years, the Ex-Im Bank has authorised over 5 billion US dollars for US exports to the region, exceeding the Bank’s 4 billion US dollars which was previously approved for the region.

The bank said that they will also be increasing the number of its SSA authorisations in order to benefit small business exporters of spare parts, consumer goods and other products supported through the Bank’s short term export credit insurance.  

(READ MORE: US working to Power Africa's electricity goals)

“In full year 2014 to date, Ex-Im Bank has approved over 100 authorizations for US exports to the region and is on track to exceed the record-high level of 188 sub-Saharan Africa authorizations in full year 2013,” said the bank in a statement.