EXIM Supports Exports of Wabtec Locomotives from Erie, Pennsylvania, to Cameroon
Washington, D.C. - Wabtec Corporation is selling four diesel-electric locomotives to Cameroon Railways (Camrail) in Cameroon with the backing of a total of $13 million in loan guarantees from the Export-Import Bank of the United States (EXIM).
Two EXIM medium-term guarantees, approved in May, will support loans from Standard Chartered Bank in New York for the purchase of four C30ACi locomotives manufactured at Wabtec's facility in Erie, Pennsylvania. The borrower is Cameroon's Ministry of Economy, Planning, and Regional Development. The Wabtec locomotives will be used on passenger trains as part of Camrail's fleet renewal and modernization plan.
To draw attention to the White House's Made in America Week, EXIM is showcasing companies such as Wabtec whose success in exporting illustrates how American businesses-small and large-contribute to U.S. economic prosperity by sustaining and creating jobs in the United States.
The Wabtec transactions also demonstrate EXIM's commitment to meeting the agency's congressional mandate to increase support for U.S. exports to the vital and growing markets of sub-Saharan Africa.
The former Cameroon National Railway was privatized and concessioned to Camrail in 1999. Camrail, which is majority privately owned, owns all rolling stock and is responsible for overseeing all freight and passenger operations, along with freight-rail investments. The Cameroonian government has responsibility for investments related to passenger rail.
Wabtec Corporation is a leading global provider of equipment, systems, digital solutions and value-added services for freight and transit rail. Drawing on nearly four centuries of collective experience across Wabtec, GE Transportation, and Faiveley Transport, the company has unmatched digital expertise, technological innovation, and world-class manufacturing and services, enabling digital-rail and transit ecosystems. Along with its portfolio of products and solutions for the rail and transit industries, Wabtec is a leader in mining, marine, and industrial solutions. Wabtec has approximately 27,000 employees worldwide.
ABOUT EXIM BANK:
EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to overseas purchasers of U.S. goods and services. A robust EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments. EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, 90 percent of the total number of the agency's authorizations has directly supported small businesses
For more information about EXIM, please visit www.exim.gov.