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The US Export-Import bank signed a declaration of intent (DOI) with the Industrial Development Corporation of South Africa. The DOI aims to progress the South African government’s Integrated Resource Plan and the South African Renewable Initiative. The agreement will see the Ex-Im bank provide financing up to US$2 billion worth of US technologies, products and services to South Africa’s energy sector, with a focus on clean-energy development.
The DOI was signed by Fred Hochberg, Ex-Im Bank chairman and president, Geoffrey Quena, CEO of the IDC and Gert Gouws, CFO of the IDC. The agreement was signed during the South Africa-United States Strategic Dialogue, which was hosted by US Secretary of State Hillary Clinton.
"South Africa is a dynamic market that offers enormous opportunities for American companies," said chairman Hochberg. "This agreement will help ensure that Ex-Im bank continues to provide financing to South African buyers that want to buy high-quality US goods and services. This partnership will help create jobs and lasting economic opportunities for both our countries."