GE Group may lose deal worth US$350 million with Angola

21 May 2015

US group General Electric is likely to lose a US$350 million deal with Angola if the US Congress shuts down the Export-ImpTort Bank, said the group’s president for the transport division.

Russell Stokes, President of GE Transportation, also told the Reuters news agency that if the ExIm Bank is actually closed the company will lose the as yet unsigned contract to supply 100 diesel locomotives.

“Without the financing of ExIm Bank, Angola will most likely buy locomotives manufactured in China, endangering 1,800 jobs at GE Transportation as well as its suppliers,” added Stokes.

Under the contract established with the Angola National Institute of Railways (INCFA), GE Transportation would provide Angola with 100 C30ACi locomotives, using a loan from the United States ExIm Bank.

The six-axle locomotives with 12-cylinder diesel and 3,000 horsepower engines would be built at the company’s facility in Erie, Pennsylvania, USA, with delivery expected to take place over three years from 2016. (macauhub/AO)