ITFC and Afreximbank sign US$100 Million Credit Facility

Afreximbank President Prof. Benedict Oramah (right) and ITFC CEO Hani Sonbol shake hands after signing $100 million credit facility agreement in Egypt’s New Capital City yesterday, as Egyptian Prime Minister Mostafa Madbouly (left) and Minister of Investment and International Cooperation Dr. Sahar Nasr look on.

The International Islamic Trade Finance Corporation (ITFC) in Egypt’s New Capital City signed an agreement (on November 24) to provide a $100-million credit facility to the African Export-Import Bank (Afreximbank) to promote Arab-Africa trade and investments.

The signing ceremony took place at the Africa 2019: Investment in Africa Forum, with Afreximbank President Prof. Benedict Oramah and ITFC CEO Hani Sombol signing on behalf of their two organisations in the presence of Egyptian Prime Minister Mostafa Madbouly and Minister of Investment and International Cooperation Dr. Sahar Nasr.

The agreement states that the facility will help finance and de-risk trade flows between the Arab and Africa regions, thereby raising the level of trade, which currently stands at about $500 million. It will also help in leveraging other Arabian funds in support of Arab investments in Africa.

The facility is part of the Afreximbank/ITFC Arab-Africa Trade and Investment Promotion Programme launched by the two organisations about two years ago and is aimed at deepening the partnership between them.

Source: Afreximbank (Press Release)

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s