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Richard Shelby

Export-Import Bank reopens but is hamstrung by lack of board members

Export-Import Bank reopens but is hamstrung by lack of board members

WASHINGTON — Combustion Associates Inc. needed assistance from the Export-Import Bank to secure a multimillion-dollar contract to build a power plant in Nigeria.

But a political dispute forced the 81-year-old federal agency to close in July. And that left the small Corona energy firm's president, Kusum Kavia, and her employees scrambling to save the project until a bipartisan push allowed the bank to open its doors again this month.

Kavia said she searched in vain for private banks to provide the necessary credit guarantees. The firm's employees held weekly conference calls with the unnamed client and flew to Nigeria three times. And in an expensive gamble, Combustion...

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