Afreximbank to disburse $90bn for intra-African trade

by Ike Obudulu Last updated on March 13th, 2017,

The African Export-Import Bank (Afreximbank) plans to disburse no less than $90 billion to finance intra-African trade between 2017 and 2021.

The bank President, Dr Benedict Oramah, said the Board of Directors have approved the strategic plan titled “IMPACT 2021: Africa Transformed”.

Oramah said the plan was to finance Intra-African Trade; Industrialisation and Export Development; Trade Finance Leadership; and Financial Soundness and Performance.

According to Oramah, the plan has paved the way for Afreximbank to directly address the imperatives of its mandate.

“The philosophy behind it is to build solid export manufacturing capacities as well as domestic and continental supply chains which would facilitate increased flow of goods and services across Africa.

“It allows monitoring and measurement mechanisms that will bring together players in intra-African trade, such as the farmer, the processor, the manufacturer, tradable services provider, traders, financiers, logistics providers and policy makers.

“The Trade Finance Leadership pillar will see Afreximbank extend its leadership in trade finance by expanding intervention in some of the critical trade finance products it already offers and by creating new products and initiatives.

“It will expand its trade services offering to fill the gap created as a result of reduced activities by international banks in Africa due to high compliance costs and economic uncertainties,” he said.

Afreximbank, with headquarters in Cairo, is the foremost pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade.

The Bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors.

Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations.

Since 1994, it has approved more than $41 billion in credit facilities for African businesses, including about $6.2 billion in 2015. Afreximbank had total assets of $9.4 billion as at April 30, 2016 and is rated BBB- (Fitch) and Baa2 (Moody’s). – VON

The post “Afreximbank to disburse $90bn for intra-African trade” appeared first on Beyond news. Connect. Empower your future.


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