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Ex-Im Closure Prompts GE to Add 1,000 Jobs in Britain

Sept. 24, 2015
'In today's competitive environment, countries that have a functional Export Credit Agency (ECA) will attract investment,' said GE chief executive Jeff Immelt. 

NEW YORK—General Electric (IW 500/6) announced Thursday that it will create up to 1,000 new energy jobs in Britain after winning export financing of up to $12 billion from a British agency.

Under an agreement with the UK Export Finance agency, GE will obtain financing to support confirmed and potential energy orders in Brazil, Ghana, India, Mozambique and other markets.

In exchange, GE will pump up investment in its British operations, adding up to 1,000 jobs as it wins orders. 

GE took the actions following the shutdown of the US Export-Import Bank, which has forced the US giant to seek financing in other countries.

"In today's competitive environment, countries that have a functional Export Credit Agency (ECA) will attract investment," said GE chief executive Jeff Immelt. 

"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."

The move comes on the heels of  announcements last week that GE would move 500 U.S. jobs to France and other countries and create another 1,000 jobs in Europe after reaching deals with France's export credit agency COFACE and other unspecified government-sponsored export credit agencies.

Copyright Agence France-Presse, 2015

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