The Executive Vice President for Business Development and Corporate Banking, African Export-Import Bank (Afreximbank), Amr Kamel praised a $100 million master risk participation agreement the bank signed with CDC Group Plc, a United Kingdom development finance institution.
The agreement was signed in Casablanca, Morocco to support Afreximbank’s Trade Facilitation Program. The deal will see the CDC Group provide unfunded risk participation to Afreximbank, as the Bank provides trade finance products which include- trade confirmation services, trade confirmation guarantee and irrevocable reimbursement undertakings.
Amr reveals that the agreement will support the Bank’s trade confirmation services under which Afreximbank provides confirmation lines to African financial institutions to support their trade businesses and increase capacity to undertake trade finance transactions.
CDC Group plc is a development finance institution owned by the UK Government. The Department for International Development is responsible for CDC, with shareholder duties managed by the Shareholder Executive.