Cites value of loan guarantees in facilitating sub-Saharan infrastructure development
(Parsippany, New Jersey) – 18 January, 2016 – Acrow Bridge, a leading international bridge engineering and supply company, today noted that its work in sub-Saharan Africa has been featured in the Fiscal Year 2015 Annual Report of the Export-Import Bank of the United States (EXIM Bank). EXIM Bank guaranteed a $50 million commercial loan to support the export of 55 Acrow bridges to Cameroon in 2014 and a $73 million loan supporting 144 Acrow bridges exported to Zambia in 2015.
A severe lack of transportation infrastructure and access to effective project finance is an ongoing challenge in many parts of the developing world,” said Paul Sullivan, Acrow’s Vice President of International Business Development. “Acrow is honored to be featured in EXIM Bank’s 2015 Annual Report. But, more importantly, this highlights how important EXIM financing is to Acrow’s work in Africa and elsewhere, implementing critical bridge infrastructure that yields enormous local and regional economic benefits.”
“Some 60% to 80% of the population of Africa lives outside urban centers, and the majority of Africa’s rural population does not live in close proximity to an all-season road,” said Bill Killeen, President and CEO of Acrow. “So better transportation infrastructure reduces rural vulnerability and insecurity, strengthens the competitiveness of local products and reduces the cost of transporting goods to urban areas and beyond.”