GE Announces Agreement with French Export Credit Agency

(Global Trade Magazine, Newport Beach, 27 June 2016) GE has announced an agreement under which COFACE, the French export credit agency, will provide an additional line of credit for gas turbine combined cycle projects that require export financing in countries such as Saudi Arabia, Mexico, and Brazil. As a result, GE will invest $40 million to develop 60 hertz heavy duty gas turbine manufacturing capabilities in Belfort, France. The announcement came at a time when the Export-Import Bank of the United States is prevented from funding large projects because of funding issues involving the U.S. Congress.