Ex-Im Bank’s $2.5 billion Angola loan funds Chinese-tied firms, not American jobs

(Washington Examiner, Washington, 10 November 2024) The U.S. Export-Import Bank faces scrutiny over a $2.5 billion giveaway to green energy development in Angola that benefits foreign companies with ties to China and the Angolan president, despite the bank’s claims that it will support thousands of American jobs. The Ex-Im Bank, led by Biden administration appointee Reta Jo Lewis, loaned over $900 million in June 2023 and another $1.6 billion to American company Sun Africa, which is in charge of developing solar energy plants, mini-grids, and storage and water treatment facilities in Angola. The largest-ever Ex-Im loans were issued as part of the Biden administration’s flagship global infrastructure partnership and the China and Transformational Exports programs, which seek to support American companies competing against China. The bank touts that the financing will support over 4,700 American jobs. Despite the bank’s statements that the financing agreement benefits American exports and jobs, the announced suppliers are foreign companies and include firms close to Angolan President João Lourenço or frequent contractors to the Chinese government, the Washington Examiner can reveal.