Because of the delay to re authorize EXIMBANK, "GE will be exporting more from UK.
OUR POLITICIANS ARE EXPORTING JOBS! Contact your congress person and give your opinion regarding this matter.
The agreement announced last Thursday, September 24th, with the UK export credit agency will give GE access to export financing for up to $12 billion. The agreement will initially support confirmed and potential orders from Brazil, Ghana, India, Mozambique, and other international markets in the solar, power generation and oil and gas related export opportunities.
In exchange, GE will create up to 1,000 new energy sector jobs in the UK as it wins new international orders. This jobs should it be U.S.
The decision followed the shutdown of the US Export-Import Bank, which forced the US giant to seek financing in other countries. In addition to UKEF, GE is looking to move 500 more jobs to France and other European countries after reaching deals with French export credit agency and other unspecified government-sponsored export credit agencies.
The memorandum, signed at Downing Street, residence of the UK Prime Minister, David Cameron, sets out a range of ways in which the signatories aim to cooperate. Under the MoU:
• UKEF confirms appetite and capacity to consider providing financing support for more than GBP 7.7 billion (USD 11.7 billion) worth of projects under consideration, plus a new “top-up” support facility of up to GBP 500 million (USD 760 million), subject to individual project approval and due diligent;
• UKEF confirms that GE has been approved to be a member of the UKEF Direct Lending Facility Partnership Panel, whose members arrange UK government loans to overseas buyers of UK exports.
• GE pledges ongoing support for its UK supply chain;
• GE undertakes to promote UKEF’s exporter support schemes to its UK supply base.
UK’s Prime Minister, David Cameron, is confident that the agreement will make the UK the best place in Europe to start, finance or grow a business, and that it will provide more jobs and security for the people.
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