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France,United States : GE announces Agreement with French Export Credit Agency (COFACE).

Today, GE announced an agreement under which COFACE 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 35 million to develop 60 hertz heavy duty gas turbine manufacturing capabilities in Belfort, France.

We are proud of the investments we are making in France and in our partnership with COFACE, said GE Chairman and CEO Jeff Immelt. France continues to deepen export financing capability in global markets. We applaud the Governments latest efforts to support France as a premier global exporter.

Todays announcement follows a 2015 agreement, where COFACE agreed to provide a line of credit for 50 hertz global power projects manufactured in Belfort, France.

This framework agreement, signed during Immelts recent visit with President Franois Hollande, reinforces Frances position at the heart of the global energy market. The development of GEs world leading gas turbines with Alstoms combined-cycle equipment and project capability in France supports this positioning.

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Publication:Mena Report
Geographic Code:4EUFR
Date:Jun 14, 2016
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