United States lawmakers are confident that the reauthorisation of the Export-Import (ExIm) bank – which makes it easier for foreign companies to borrow money to buy US-made products – will be passed during a full House vote later this month.
On Friday last week, a bipartisan majority of House lawmakers joined in using a rare parliamentary manoeuvre on Friday to force a vote to revive the ExIm bank after its authorisation expired on June 30 this year.
According to daily newspaper, USA Today, the petition was initiated by approximately 40 House Republicans led by Republican representative Steven Fincher of Tennessee.
There is reportedly already enough support in the Senate to revive the bank.
US company General Electric – which has invested heavily in Africa – noted in a blog on its website on Friday that since 2009 the ExIm Bank had supported more than US$6.6 billion in transactions throughout sub-Saharan Africa.
“It has provided the necessary finance to support infrastructure and construction work, including exports geared at transportation, power and port-related equipment. The removal of this critical source of financing could hurt US-Africa relations, making it challenging for US companies to compete for large-scale infrastructure projects and for small and medium size businesses to export to the region,” the blog reads.
