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SepThe African Export-Import Bank (Afreximbank) and the China Development Bank (CDB) have signed a $400 million term loan facility to enhance access to trade finance for small and medium-sized enterprises (SMEs) on the continent. Afreximbank says it will offer the facility to smaller firms engaged in international and intra-African commerce, as well as those in the productive sectors. Because the facility is provided by the CDB at a comparatively low cost, the organization asserts that it can pass on the financial benefit to end beneficiaries. The facility has a seven-year maturity and will be distributed directly by the multilateral financial […]
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NovOver the next five years, the African Export-Import Bank (Afreximbank) plans to disburse $40 billion to stimulate intra-African commerce. Nigeria is anticipated to profit from the money because it has expressed an interest in contributing to intra-African trade prospects. Afreximbank President Benedict Oramah announced this on Monday during the opening session of the 2021 Intra-African Trade Fair (IATF) in Durban, South Africa. He stated that the bank is committed to supporting Africa’s drive to create institutions as well as the implementation of the African Continental Free Trade Agreement (ACFTA). AfCFTA is a trade agreement between African Union member states that[…]
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SepProfessor Benedict Oramah, President of the African Export-Import Bank, has recommended African countries to use less US dollars in their transactions in order to improve their development. Entrepreneurs and countries should instead use the Pan African Payment Settlement System, which the bank has previously established for intra-continental trade, according to Professor Oramah. Oramah, who criticized the excessive reliance on foreign money, particularly the US dollar, said that this dependence increases commodity inflationary pressures, exposing African trade to global volatility. The president also emphasized the African Continental Free Trade Area’s (AfCFTA) benefits to the Kaduna State Government and businesspeople in general.[…]