Ex-Im Bank Grants $15.7m to Lagos for Fire-Fighting Vehicles

Export-Import Bank of the United States (Ex-Im Bank) has authorised a $15.7 million direct loan to the Lagos state government to underwrite the purchase of 32 American fire-fighting vehicles manufactured by W.S. Darley & Co. (Darley) of Itasca, Ill.


The Bank said the approval of the loan was in line with the Administration’s “Doing Business in Africa Campaign,” while it is expected to also support approximately 100 U.S. jobs, adding that 65 per cent of the financing is expected to support American small businesses.


Fred P. Hochberg, Ex-Im Bank chairman and president, said, “This transaction reflects our continued commitment to increasing exports to sub-Saharan Africa while supporting American small-business jobs. Additionally, the financing, which targets one of our nine key markets, ensures the government of Lagos can respond efficiently and effectively to emergency situations.”


The Bank noted that the State of Lagos, which is home to Nigeria’s commercial center and largest city of the same name, plans to upgrade its fleet of fire-fighting vehicles, noting that the governor of Lagos has declared that the expansion and re-equipping of the fire service is an urgent matter of state security.


It explained that Darley, the maker of the fire-fighting vehicles, is a family-owned small business founded in 1908 and has exported its products to foreign markets since the 1940s, explaining that the company designs and manufactures firefighting trucks, equipment, pumping, and safety gear.


Peter Darley, vice president of Darley, said, “Darley Company is excited to have the opportunity to work with the Lagos Nigeria Fire Service on this important contract. This project was only possible because our customer was able to secure financing with the assistance of Ex-Im. As a small business, this type of support meant we were able to compete with other companies outside of the US for this business. Darley, as well as some of our key partner suppliers, will need to hire new employees so we can fulfil this order.”


He said Darley’s Africa Representative, Trinity International Inc. of Potomac, Md., arranged the transaction.


Ex-Im Bank said it authorised more than $1.5 billion to support U.S. exports to sub-Saharan Africa in 2012.