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Publish Date : 04-Apr-2017

The regional trade finance lender African Export-Import Bank (Afreximbank) has been successful to obtain a trade finance facility from the African Development Bank (AfDB) worth $450 million (Sh46.3 billion).

The newly approved package comprised of a $150 million (Sh15.4 billion) worth of three-year unfunded risk participation agreement or guarantees as well as a four-year trade finance line of credit worth $300 million (Sh30.8 billion).

In a statement, AfDB revealed, This composite facility will help to expand Afreximbanks risk-bearing capacity for the confirmation of letters of credit and to support more trade through the provision of increased liquidity to local financial institutions and corporates in Africa.

The regional lender added, Given Afreximbanks commitment to helping African economies diversify their exports, strengthen trade value chains and promote value addition, this facility will contribute to macroeconomic resilience in at least 28 countries.

In a recent announcement, Afreximbank has revealed its five-year strategy to give out $90 billion (Sh9.3 trillion) in support of the regional trading activities.

The Pan-African trade finance bank has disclosed that the strategy, to be implemented between 2017 and 2021, is aimed at financing the intra-African trade, industrialisation as well as export growth plus trade finance management and financial security in Africa.

The President of Afreximbank Benedict Oramah stated, The philosophy behind it (strategic plan) is to build solid export manufacturing capacities.

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