30 March 2004
Egypt's Ain Sokhna Port To Install High-Tech Inspection Material
U.S. Export-Import Bank guarantees $7.9 million loan
Egypt's Ain Sokhna port will install state-of-the-art transportation security equipment provided by the Massachusetts-based American Science and Engineering Company.
The X-ray inspection systems will allow inspectors to clear cargo with greater speed and efficiency. Equipment ordered by the Sokhna Port Development Company includes a high-energy X-ray system that allows port personnel to inspect large sea containers, and two parcel X-ray systems capable of inspecting small cargo, according to a March 29 press release from the Export-Import Bank of the United States.
The Red Sea port of Ain Sokhna is Egypt's first privately operated port facility. Located 130 kilometers east of Cairo, the port serves the Suez Special Economic Zone at the southern outlet of the Suez Canal.
The Sokhna Port Development Company is purchasing the inspection equipment at a cost of $8.5 million, with loan guarantees from the Export-Import Bank of the United States and HSBC Bank of London.
Ex-Im Bank Chairman Philip Merrill commented, "We are proud to support the export of cutting-edge U.S. transportation security equipment to help sustain and create U.S. jobs while contributing to the safety of global trade."
Following is a press release from the Export-Import Bank:
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News | Press Releases | 2004
MARCH 29, 2004
Contact: Marianna Ohe (202) 565-3200
EX-IM BANK SUPPORTS MASSACHUSETTS COMPANY'S SALE OF X-RAY INSPECTION SYSTEMS TO EGYPT FOR PORT SECURITY
Financing Sustains U.S. Jobs, Makes Global Trade Safer
WASHINGTON, D.C. - A Massachusetts company is selling $8.5 million of transportation security equipment to the Egyptian port of Sokhna, backed by a $7.9 million loan guarantee from the Export-Import Bank of the United States (Ex-Im Bank).
Sokhna Port Development Company, Egypt's first private port located east of Cairo on the Red Sea, is purchasing from American Science and Engineering (AS&E), Billerica, Mass., a high-energy X-ray system to inspect large sea containers, and two parcel X-ray systems to inspect small cargo.
We are proud to support the export of cutting-edge U.S. transportation security equipment to help sustain and create U.S. jobs while contributing to the safety of global trade," said Ex-Im Bank Chairman Philip Merrill.
Under Ex-Im Bank's special Transportation Security Exports Program, U.S. companies can receive enhanced financing terms when exporting equipment, technology and services to countries seeking to improve the security of their cross-border transportation systems. The program covers such equipment as baggage scanners and ID systems for secure entries. The enhancements under the program include maximum allowable repayment terms under OECD guidelines, and support of local costs in the buyer country up to 15% of the U.S. net contract value.
The guaranteed lender on the transaction is HSBC Bank PLC, London, U.K.
Ex-Im Bank this year marks its 70th year of helping finance the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export credit insurance, and direct loans. In fiscal year 2003, Ex-Im Bank, an independent federal agency, authorized financing to support $14.3 billion of U.S. exports worldwide. For more information on Ex-Im Bank visit http://www.exim.gov.
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(Distributed by the Bureau of International Information Programs, U.S. Department of State. Web site: http://usinfo.state.gov)
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