General Electric CEO Jeff Immelt: Time to Stop Vilifying the Export-Import Bank
GE's Immelt says Ex-Im bank closure would hurt US-Africa trade: FT (Reuters)
Trade ties between the United States and Africa will be hit if the U.S. Congress decides to close the Export-Import bank, the Financial Times reported General Electric Co (GE.N) Chief Executive Jeff Immelt as saying.
The Ex-Im Bank provides loans, loan guarantees and credit insurance to help private companies export goods overseas. Its biggest beneficiaries are companies such as Boeing(BA.N) and Caterpillar (CAT.N), but smaller exporters also receive financing.
Ex-Im will be forced to close if Congress does not renew its charter by Sept. 30.