Ex-Im Will Provide $108 Million to Support Purchase of American Locomotives
The Export-Import Bank of the United States (Ex-Im Bank) said July 9 it will loan $108 million to Transnet SOC Limited (Transnet), a company based in South Africa, to support the purchase of 53 American-made GE locomotives. Along with another transaction from February 2011 for the sale of 47 GE locomotive kits, Ex-Im Bank will provide a total of $230 million in financing and support the purchase of 100 GE locomotives.
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Ex-Im’s financing arrangements for Transnet will support jobs in both the U.S. and South Africa, according to Lorenzo Simonelli, President and CEO of GE Transportation. Simonelli called Ex-Im financing “essential” to maintaining the competitiveness of American products in the midst of global competition. “I am excited at the prospect of Ex-Im helping to finance another American sale in Transnet’s next locomotive purchase, scheduled for later this year,” he said.