Ex-Im Bank Guarantees $2 Billion ‘Green’ Loan to South Africa

JOHANNESBURG, SOUTH AFRICA: The Export-Import Bank of the United States (Ex-Im Bank) and the Industrial Development Corp. of South Africa Ltd. (IDC) today signed a Declaration of Intent (DoI) to help advance the South African government’s Integrated Resource Plan (IRP) and the South African Renewable Initiative (SARi). Under the agreement, Ex-Im Bank will assist in financing up to $2 billion worth of U.S. technologies, products and services to South Africa’s energy sector, with an emphasis on clean-energy development.

Signing the DOI were Fred P. Hochberg, Ex-Im Bank chairman and president; Geoffrey Quena, chief executive officer of the IDC; and Gert Gouws, chief financial officer of the IDC. The signing took place during the South Africa-United States Strategic Dialogue, which was hosted by U.S. Secretary of State Hillary Clinton.