A decision by the US Congress to close the country’s Export-Import Bank would damage American groups trying to do business in Africa, the head of one of the US’s leading companies on the continent has said.
The warning by Jeff Immelt, chairman of General Electric, comes as Washington tries to boost US-Africa trade in an effort to catch up with China, Japan and the EU, whose links with Africa are booming.
The charter of the ExIm Bank, which provides credit to foreign buyers of US products, expires in September and attempts to reauthorise the bank have so far faltered amid strong opposition from conservative Republicans who see it as a form of crony capitalism. Congress is now in recess until September 8.
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