Africa-Press – Angola. The Board of Directors of the Export and Import Bank of the United States of America (EXIM) announced, Thursday, in Washington, the approval of a loan of more than USD 900 million to support the construction of two solar power plants photovoltaics in Angola.
This loan, according to the EXIM publication, is the Bank’s largest renewable energy transaction to date, within the framework of support for the Biden administration’s partnership for global infrastructure and investment (PGII).
The project/loan was initially announced during the 2022 G7 Summit.
The so-called Export-Import Bank of the United States (EXIM) is the country’s official export credit agency, with a mission to support American jobs by facilitating US exports.
The direct loan of more than US$900 million to the Ministry of Energy and Water of the Republic of Angola will support the construction of two solar photovoltaic power plants in the country.
The project will generate more than 500 megawatts of renewable energy, provide access to clean energy resources in Angola, and help the country meet its climate commitments.
Also according to the publication on the EXIM website, the project will support exports of solar panel assembly systems, connectors, switches, sensors and other equipment from the US.
With this initiative, it is estimated that the transaction will generate 1,600 jobs.
“We are proud to participate in this important project, which will increase access to electricity in Angolan communities using clean energy technology”, said EXIM President and Chair, Reta Jo Lewis.
According to the official, the transaction not only aligns with President Biden’s PGII initiative, but also advances EXIM’s efforts to promote clean energy exports, strengthen the US-Africa trade relationship, and support US exporters and American workers. facing foreign competition.
” The project — initially announced during the 2022 G7 Summit by the Government of Angola, U.S. firm AfricaGlobal Schaffer and U.S. project developer Sun Africa — advances President Biden’s flagship Partnership for Global Infrastructure and Investment (PGII ), which aims at digital advancement and energy infrastructure around the world”, underlines the president of EXIM.
The transaction also falls under EXIM’s China and Transformational Export Program (CTEP), a program mandated by Congress to support US exporters facing foreign competition from China.
EXIM offers financing including export credit insurance, working capital guarantees, loan guarantees and direct loans.
As an independent federal agency, EXIM contributes to US economic growth by supporting tens of thousands of jobs at exporting companies and their supply chains in the United States.
Since 1992, EXIM has generated over $9 billion for the US Treasury to pay off the US general debt.
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