The African Development Bank (AfDB) has approved $450 million about (Rwf372 billion) trade finance facility for the African Export–Import Bank (Afreximbank).
The facility consists of a three-year $150 million unfunded risk participation agreement and a four-year $300 million loan to support exporters.
According to Dr George Elombi, the executive vice-president for corporate governance and legal services at Afreximbank, the composite facility will help to expand Afreximbank’s risk bearing capacity for the confirmation of letters of credit and to support more trade through the provision of increased funding to financial institutions and corporate firms in Africa. The project is aligned with AfDB’s priority goals, including lighting up and powering Africa, and helping to feed and industrialise the continent. Read more. Source | New Times