National, Pittsburgh Region Companies Rally To Extend Charter Of Export-Import Bank

GE Transportation recently signed a deal to build 100 locomotives in Erie — including engines made in Grove City — and sell them in Angola for $350 million.

GE used financing through the Export-Import Bank, which provides loans, loan guarantees and insurance to U.S. companies selling overseas. The bank, supporters say, helps U.S. companies compete more effectively for foreign business.

“If we hadn’t had that financing, the order would have gone to China,” said Richard Simpson, global head of supply chain for the company, who said Thursday that GE Transportation financed $720 million in sales to three other countries last year.

Such deals are in jeopardy, advocates for the 80-year-old bank say. Its charter expires June 30 and observers say it might not come up for a vote in Congress before then.

Read more: http://triblive.com/business/headlines/8548411-74/bank-companies-export#ixzz3csBLMqRz
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