Afreximbank mobilises €816m to support trade finance in Africa
The facility will also help repay existing debt.The African Export-Import Bank (Afreximbank) has announced it mobilised $458 million (€410 million) and €406.5 million through 34 international banks as part of a two-year, dual tranche loan facility.
These funds will be used to repay existing debt, with further proceeds being used for trade finance and general corporate purposes.
"This landmark facility positions Afreximbank’s to strengthen its support to African businesses through much-needed new investments to help build value addition as we seek to move the continent away from primary products to intermediate manufacturing and to increased processing of export goods," said Jean Louis Ekra, President of Afreximbank.
Meanwhile, Afreximbank announced it will provide a 15-million Euro financing facility to Afriland First Bank’s Côte d’Ivoire subsidiary for the financing of transactions by SMEs in the country’s key growth sectors.
Afreximbank was established in October 1993, under the auspices of the African Development Bank.
It is a regional multilateral development financial institution with the mandate to promote the export of African goods by financing and facilitating intra- and extra-African trade.