GE Wins British Export Financing
GE has won access to US$12 billion in export funding from UK Export Finance. The news comes just one week after GE’s announcement it had secured export financing from France’s credit agency, and about three months since the U.S. Congress failed to reauthorize the Ex-Im Bank.
The agreement will initially support both confirmed and potential orders in a number of international markets including Brazil, Ghana, India and Mozambique, GE said in a statement. As GE wins these orders, it will create up to 1,000 new energy-related jobs in the UK.
Under the terms of the memorandum, GE pledged ongoing support for its UK supply chain. In addition to providing export finance support, UKEF has agreed to add GE as a member of its Direct Lending Facility Partnership Panel is also offering GE a new top-up support facility of up to US$750 million. GE said this will create an additional financial incentive for UK exports and help GE customers to close on UK made products.
GE’s chairman and CEO Jeff Immelt has been a vocal supporter of reauthorizing the U.S. Ex-Im Bank. “In today’s competitive environment, countries that have a functional Export Credit Agency (ECA) will attract investment,” Immelt said. “Export finance is a critical tool we use to support our customers. Without it, we can’t compete against foreign competitors who enjoy ECA financing from their governments. The UK is pro-export and pro-manufacturing.”
Since the U.S. Ex-Im authorization expired July 1, GE has initiated talks with several foreign Export Credit Agencies to secure financing for its customers.
“GE will continue to expand its operations in countries where official ECA financing is available,” the company said. “Just like the Ex-Im Bank, many ECA countries require that business production and jobs must be invested in-country to qualify for financing.”
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