Nigeria: Afreximbank Outlines Criteria for Selection of Trade Finance Intermediaries, Local Agents

To realise its strategic agenda to transform trade and development in Africa by 2021, the African Export-Import Bank (Afreximbank) says it would work through intermediaries and local agents in its 50 member countries. The Bank's Manager, Legal Services, Enga Kameni, said since it was impossible to relate directly with small and medium enterprises in member countries, working through trade finance Intermediaries (TFIs) and local administrative agents (LAAs) would help identify their peculiar needs and how to support them grow.

Mr Kameni who spoke on the Bank's efforts to promote intra-Africa trade and development, said TFIs and LAAs understand the challenges and opportunities in the local environment and would be able to offer informed advice on financial support necessary to drive growth.

He was speaking at the 18th Afreximbank 's Annual Seminar on Structured Trade Finance in the port city of Casablanca, Morocco.

Under the 5th strategic plan of the bank unveiled in December 2016, tagged: "Impact 2021: Africa transformed", Mr Kameni said Afreximbank 's focus was on promoting intra-Africa trade, facilitating industrialization and export development in the continent.

Also, the bank hopes to help remove barriers to strengthening African trade finance leadership, improve Africa's business development, engagement, operating efficiency as well as strengthen enterprise risk management, organizational capacity, structure and capacity.

The Bank's Director & Global Head, Trade Finance, Gwen Mwaba, who also spoke on the topic said financial institutions in member countries selected as TFIs and LAAs must not only be credit worthy, but seen to identify with the bank's strategy and passion for Africa's development. Read more from All Africa. 

Source: All Africa