NEW YORK (TheStreet) -- The government of Angola is planning to purchase trains and power generators from General Electric Co. (GE) in a deal financed by the Export-Import Bank of the U.S., worth about $1 billion, Bloomberg reported.
The purchase agreement with Angola is part of the Power Africa plan in which the U.S. works to provide $5 billion to help fund private investments in energy projects spread over Africa.
The Export-Import Bank will issue $350 million in loans for trains and $650 million for power equipment, Angola's Jornal de Angola newspaper reports.
Must Read: Warren Buffett's 25 Favorite Stocks
Shares of GE are down -0.58% to $26.54 on Wednesday.
Separately, TheStreet Ratings team rates GENERAL ELECTRIC CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate GENERAL ELECTRIC CO (GE) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, increase in stock price during the past year and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."