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Tipsheet

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

Townhall Staff
Townhall Staff  |  August 14, 2012 7:30 PM
The Export-Import Bank announced a new $2 billion loan guarantee aimed at developing clean energy in 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.

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The Ex-Im Bank’s mission is to create jobs for Americans by providing financing for foreign companies that will then purchase American exports. The bank is often derided as corporate welfare, a label once used by President Obama. Nowadays, Obama is a big fan of the bank. The bank, although an independent agency, has shown a curious tendency to invest in riskier green projects that mirror investments made by Obama’s Department of Energy. Because Obama “evolved” on the Ex-Im Bank, shaky foreign green companies that private actors are smart enough to leave alone can count on financing from American taxpayers.

This post was authored by Townhall.com editorial intern Kyle Bonnell.

Tags: SOUTH AFRICA

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