General Electric Company said it plans to create a development centre for turboprop engines in Europe, citing a lack of US export financing after Congress allowed the US Export-Import Bank's charter to lapse in June.

The company said it will invest more than $400 million in the European turboprop engine development, test and production operation, creating between 500 and 1,000 jobs.

GE said it will also invest $55 million in Brazil to build a new engine test facility.-Reuters