http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 13.13Change: -0.02
R/$ = 12.07Change: -0.13
Au 1187.17 $/ozChange: -20.08
Pt 1125.50 $/ozChange: -23.50
 
 
Note: Search is limited to the most recent 250 articles. Set date range to access earlier articles.
Where? With... When?








Start
 
End
 
 
And must exclude these words...
Close Main Search
Close Main Login
My Profile News Alerts Newsletters Logout Close Main Profile
 
Agriculture   Automotive   Chemicals   Competition Policy   Construction   Defence   Economy   Electricity   Energy   Environment   ICT   Metals   Mining   Science and Technology   Services   Trade   Transport & Logistics   Water  
What's On Press Office Tenders Suppliers Directory Research Jobs Announcements Letters Contact Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
Aug 08, 2012

Ex-Im chief confirms SA’s priority-market status, makes $2bn energy commitment

Back
Construction|Engineering|Johannesburg|Africa|Aviation|CoAL|Eskom|Ex-Im Bank|Export|Export-Import Bank Of The US|Flow|Industrial|Industrial Development Corporation|Locomotives|Mining|Projects|Renewable Energy|Renewable-Energy|Transnet|Africa|South Africa|United States|USD|Bank|Clean-energy Projects|Conventional Energy Projects|Energy|Energy Sector|Export-credit Insurance|Flow|Loan Finance|Products|Renewable Energy Projects|Services|Barak Obama|Franklin Delano Roosevelt|Fred Hochberg|Hillary Clinton|Infrastructure|Power|Boeing 737-800|Locomotives|Sub-Saharan Africa
Construction|Engineering||Africa|Aviation|CoAL|Eskom|Export|Flow|Industrial|Locomotives|Mining|Projects|Renewable Energy|Renewable-Energy|Transnet|Africa|||Energy|Flow|Products|Services|Infrastructure|Power|Locomotives|
construction|engineering|johannesburg|africa-company|aviation|coal|eskom|exim-bank|export|export-import-bank-of-the-us|flow-company|industrial|industrial-development-corporation|locomotives|mining|projects|renewable-energy|renewable-energy-company|transnet|africa|south-africa|united-states|usd|bank|cleanenergy-projects|conventional-energy-projects-industry-term|energy|energy-sector|export-credit-insurance-industry-term|flow-industry-term|loan-finance|products|renewable-energy-projects|services|barak-obama|franklin-delano-roosevelt|fred-hochberg|hillary-clinton|infrastructure|power|boeing-737800|locomotives-product|subsaharan-africa
© Reuse this



The head of the Export-Import Bank of the United States (Ex-Im Bank) expects the $2-billion recently set aside to support the export of US products and services into South Africa’s energy sector to be absorbed over the coming eight to ten years. The package was unveiled by US Secretary of State Hillary Clinton during her recent visit to South Africa.

Speaking at a media roundtable in Johannesburg, chairperson and president Fred Hochberg stressed that there was no expiry date associated with the financing arrangement. It had been approved in line with the identification of South Africa as one of Ex-Im Bank’s top-nine priority markets – the bank operates in 180 countries globally.

Most of the loan finance would flow towards clean-energy projects, but the capital was also available for conventional energy projects, as well as transmission and smart-grid-related developments.

The bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to foreign buyers.

Hochberg signed a declaration of intent with South Africa’s State-owned Industrial Development Corporation, which was financing a number of renewable energy projects. “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,” he elaborated.

The self-funding government agency was confined to supporting US products and services deployed in such projects and would only be disbursed in instances where firm power offtake agreements were in place.

South Africa was in the process of procuring 3 725 MW of renewable energy capacity for deployment between 2014 and 2016, while State-owned power utility Eskom was in the middle of a R330-billion investment programme to add 11 719 MW and 6 596 km of transmission by 2018.

Ex-Im Bank extended a $805.6-million direct loan to Eskom in 2011, enabling the utility to purchase engineering and construction management services from Black & Veatch, which is involved with the construction of the Kusile coal-fired power plant, in Mpumalanga. It also approved a loan guarantee of more than $100-million as part of General Electricity Transportation’s sale of locomotives to Transnet.

The agency, which was established by President Franklin Delano Roosevelt in 1934 as part of the New Deal, approved a record $32.7-billion in loans last year, of which about $1.5-billion was associated with exports to sub-Saharan Africa.

During the same period, it authorised more than $930-million in financing to support US exports to South Africa, including a commitment to finance Comair’s purchase of eight Boeing 737-800 aircraft.

Hochberg indicated that the growth in authorisations had been underpinned by President Barak Obama’s National Export Initiative, but had been spurred further by a growing appetite among US firms to export to emerging markets that US commercial banks saw as high risk.

He expected that 2012 authorisations would exceed the 2011 record, which itself was more than double the $14.5-billion in approvals recorded in 2008, the year Obama was elected.

Besides the infrastructure programme, he saw potential in South Africa and Africa for US exports into the extractive and mining sectors, as well as the aviation, transport and healthcare markets.
 

Edited by: Creamer Media Reporter
© Reuse this Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
Other Electricity News
Updated 3 hours ago While strongly welcoming the promulgation of the new Part 101 of South Africa’s civil aviation regulations, governing the commercial operation of civil remotely piloted aircraft (RPAs) in South Africa, the Commercial Unmanned Aircraft Association of Southern Africa...
Updated 3 hours ago The South African Civil Aviation Authority (SACAA) has announced that it is to introduce regulations for the operation of civilian remotely piloted aircraft systems (RPAS, previously known as unmanned air vehicles or UAVs and popularly called drones). Director of...
GARETH WARNER South Africa should open up the energy generation space to bolster its economy and help secure more energy to meet current and future demand
Updated 3 hours ago Owing to the power crunch and rising power costs in South Africa, there is significant interest from commercial and light industrial users to offset their energy consumption using alternative energy systems. A key requirement to bolster commercial and residential...
More
 
 
Latest News
Irish Foreign Affairs and Trade Minister Charles Flanagan told media on Thursday that Ireland was well positioned to play a greater role in Africa, particularly in the aviation, pharmaceuticals and agricultural industries. Flanagan was this week leading a high-level...
The Lesotho Highlands Development Authority (LHDA) has appointed three consultants for work packages as part of Phase 2 of the Lesotho Highlands Water Project (LHWP). The contracts, worth a collective M40-million, were awarded to the SMEC-FMA joint venture (JV);...
JSE-listed Huge Telecom continued to grow its distribution capabilities during the year ended February 28, with the number of business partners increasing by 136, or 47%. Huge Telecom’s connectivity services, which were distributed mainly to small and medium...
More
 
 
Recent Research Reports
Steel 2015: A review of South Africa's steel sector (PDF Report)
Creamer Media’s Steel 2015 report provides an overview of the key developments in the global steel industry and particularly of South Africa’s steel sector over the past year, including details of production and consumption, as well as the country's primary carbon...
Projects in Progress 2015 - First Edition (PDF Report)
In fact, this edition of Creamer Media’s Projects in Progress 2015 supplement tracks developments taking place under the Renewable Energy Independent Power Producer Procurement Programme, which has had four bidding rounds. It appears to remain a shining light on the...
Electricity 2015: A review of South Africa's electricity sector (PDF Report)
Creamer Media’s Electricity 2015 report provides an overview of State-owned power utility Eskom and independent power producers, as well as electricity planning, transmission, distribution and the theft thereof, besides other issues.
Construction 2015: A review of South Africa’s construction sector (PDF Report)
Creamer Media’s Construction 2015 Report examines South Africa’s construction industry over the past 12 months. The report provides insight into the business environment; the key participants in the sector; local construction demand; geographic diversification;...
Liquid Fuels 2014 - A review of South Africa's Liquid Fuels sector (PDF Report)
Creamer Media’s Liquid Fuels 2014 Report examines these issues, focusing on the business environment, oil and gas exploration, the country’s feedstock supplies, the development of South Africa’s biofuels industry, fuel pricing, competition in the sector, the...
Water 2014: A review of South Africa's water sector (PDF Report)
Creamer Media’s Water 2014 report considers the aforementioned issues, not only in the South African context, but also in the African and global context, and examines the issues of water and sanitation, water quality and the demand for water, among others.
 
 
 
 
 
This Week's Magazine
Updated 4 hours ago While strongly welcoming the promulgation of the new Part 101 of South Africa’s civil aviation regulations, governing the commercial operation of civil remotely piloted aircraft (RPAs) in South Africa, the Commercial Unmanned Aircraft Association of Southern Africa...
Updated 4 hours ago LSM Distributors has contracted engineering consultancy WSP | Parsons Brinckerhoff Africa to undertake the R100-million restoration of the 54-year-old Kyalami racetrack, situated in Midrand. The restoration will assist in re-establishing it as a venue for...
Updated 4 hours ago South African Defence Minister Nosiviwe Mapisa-Nqakula has expressed the hope that the defence budget will be significantly increased over the next five years. She did so while addressing the media in her recent budget vote media briefing. The 2015/2016 defence...
Updated 4 hours ago The African Development Bank (AfDB) has been an implementing agency for the Global Environment Facility (GEF) since 2008. The relatively young portfolio has 28 projects over 30 countries on the continent according to the 2014 AfDB and GEF annual report released...
PAUL SPEAR Training and development should be an integral and proportionate part of the long-term strategy of all companies, regardless of their size
Updated 4 hours ago Investment in South African youth through apprenticeships and learnerships will not only create direct benefits for businesses but will also contribute significantly to job creation and socioeconomic transformation in the country.
 
 
 
 
 
 
 
 
 
Alert Close
Embed Code Close
content
Research Reports Close
Research Reports are a product of the
Research Channel Africa. Reports can be bought individually or you can gain full access to all reports as part of a Research Channel Africa subscription.
Find Out More Buy Report
 
 
Close
Engineering News
Completely Re-Engineered
Experience it now. Click here
*website to launch in a few weeks
Subscribe Now for $96 Close
Subscribe Now for $96