General Electric Co said on Thursday it reached an agreement with Britain's export credit agency to access export financing of up to $12 billion, as the US conglomerate continues to spotlight the expiration of the US Export-Import Bank. In GE's latest announcement, the company said the financing deal would support orders for oil and gas and other energy projects in Brazil, Ghana, India, Mozambique and other markets, and will create up to 1,000 jobs in Britain should GE win those bids.
GE last week cited its inability to access EXIM financing when it revealed plans to shift up to 500 US power-turbine manufacturing jobs to Europe and China. The US Congress allowed EXIM's charter to expire on June 30, the result of a campaign by conservative Republicans against the bank, which they say exemplifies "corporate welfare." GE Chief Executive Jeff Immelt has been actively campaigning to revive EXIM, telling reporters on Monday that more US jobs are likely to move overseas unless the stance on EXIM changes.
"In today's competitive environment, countries that have a functional Export Credit Agency (ECA) will attract investment," Immelt said in a statement. "Export finance is a critical tool we use to support our customers. Without it, we can't compete against foreign competitors who enjoy ECA financing from their governments."