African Export-Import Bank Signs Several Agreements To Boost Continent's Economic Sectors

(MENAFN- Daily News Egypt) African Export-Import bank (Afreximbank) has signed several agreements with various partners to boost different economic sectors in Africa.

FDH Bank Malawi and Afreximbank signed a facility agreement worth $10m. The agreement was signed by George Chitera, Deputy Managing Director of FDH Bank, and Gwen Mwaba, Director of Trade Finance at Afreximbank. The facility will assist FDH Bank in supporting its clients in the timely importation of fertilizer for the 2023/2024 growing season, in line with the government of Malawi's strategy to expand its agricultural activities.

Exodus and Company Private Limited signed a $141m Intra-Africa Investment Finance Facility Document with Afreximbank. The document was signed by Progress Mambo, Chief Executive Officer of Exodus, and Denys Denya, Executive Vice President for Finance, Administration, and Banking Services at Afreximbank. The facility will boost manufacturing in Zimbabwe by enabling Exodus to acquire and develop land for industrial and residential purposes.

The International Centre for Regional Integration and Trade Research signed an MOU with Afreximbank. The MOU was signed by Charles Okechukwu Esimone, Vice Chancellor of Nnamdi Azikiwe University in Nigeria, and Kanayo Awani, Executive Vice President of Intra-African Trade Bank at Afreximbank. The purpose of this MOU is to provide a framework for collaboration between the parties to facilitate ground-breaking research and capacity-building to drive Africa's progress in regional integration and trade. The Centre will be an opportunity for academia to play a vital role in driving and shaping the trade and regional economic integration discourse and support relevant governments to formulate and implement trade, industrial, and economic policies and frameworks that would drive a truly African trade and economic integration agenda.

Banque Commerciale du Burundi (BANCOBU) signed a $55m AfTRAF Facility with Afreximbank. The facility agreement was signed by Sylvere Bankimbaga, Deputy Managing Director of BANCOBU, and Rene Awambeng, Global Head of Client Relations at Afreximbank, in the presence of the Minister of Finance for Burundi. The confirmation facilities will enable Burundi to trade with other African and global traders and countries. The facility supports the growth of intra-African trade as suppliers of petroleum products are mostly Tanzanian oil traders.

Banque de Crédit de Bujumbura (BCB) signed a $40m AfTRAF Facility with Afreximbank. The facility agreement was signed by Roger Guy Ghislain Ntwungeye, Managing Director of BCB, and Rene Awambeng, Global Head of Client Relations at Afreximbank, in the presence of the Minister of Finance for Burundi. This facility will complement the country's efforts in expanding its trade activities, besides allowing local banks such as BCB to expand their correspondent banking relationships. The facility will also support Burundian importers and exporters to tap into new markets.

Lilium Gold Customer signed a trade finance line of credit facility worth $75m with Afreximbank. The facility agreement was signed by Simon Tiemtore, Chairman of Lilium Capital, and Helen Brume, Director of Project and Asset Based Finance at Afreximbank. The facility will significantly enhance Burkina Faso's mining infrastructure through the acquisition of the Boungou and Wahgnion gold mines. This investment, facilitated by a $75m contribution from Afreximbank as the Sole Mandated Lead Arranger, is a clear indication of the Bank's commitment to advancing critical sectors of an African nation's economy. It is in line with the Bank's overarching objectives to promote intra-African trade and industrial development. Moreover, this initiative is set to contribute to regional integration and economic cooperation, with the potential to positively impact the West African mining industry and beyond. This move is a deliberate stride towards fulfilling the Bank's vision for a more interconnected and economically dynamic African continent.

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