$850 million from China to boost trade- Afreximbank

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Two Chinese financial institutions have provided $850 million in financing facilities to The African Export-Import Bank (Afreximbank), to ensure the African trade finance bank can expand its support to African businesses. Professor Benedict Oramah, Afreximbank President noted that the bank has signed an agreement for a $500 million facility with China Development Bank and a $350 million facility with Bank of China.

A statement by Afreximbank reveals that the China Development Bank facility is to help support trade enabling infrastructure projects across Africa, while the $350 million from Bank of China is targeted at direct bank to bank loans, participation in syndicated loans and trade finance.

The terms of the Memorandum of Understanding (MoU) highlights that the institutions will collaborate in the identification of co-financing and co-identification of investment opportunities. The institutions will also be committed to cooperate in projects and transactions that enhance trade and investment between China and Africa. 

Oramah said Afreximbank took advantage of its participation in the recently concluded Forum for China-Africa Cooperation (FOCAC, 2018), held in Beijing, China, to hold meetings with several high level personalities, including Presidents Macky Sall of Senegal, Faure Gnassingbe of Togo and Denis Sassou Ngueso of the Republic of Congo. 

The Afreximbank delegation met with Zhang Qingsong, the new president of China Exim Bank to discuss areas of collaboration. The delegation also met with Liqun Jin, Chairman and President of the Asian Infrastructure Investment Bank, Liu Liange, President of Bank of China and Jack Ma, Chairman of the Alibaba Group to discuss  collaboration. 

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