Afreximbank Targets SME Traders With US$400mn China-Backed Loan

The 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 […]



World Bank Approves Loan To Support Sustainable Rice Production In China

The World Bank’s Board of Executive Directors has approved a loan of US$255 million to support a program that will reduce methane emissions, improve irrigation and drainage services, and provide agricultural support for climate-resilient rice production in Hunan province, China’s largest rice production area. For China and other nations that grow rice, it will produce knowledge and experiences that are reproducible and scalable. According to Mara Warwick, Country Director for China, Mongolia, and Korea at the World Bank, “The Methane-Reducing and Water-Saving Paddy Rice Program will provide creative solutions to promote climate mitigation in China’s agriculture sector.” The initiative offers[…]



Chinese Ambassador Encourage Chinese Banks To Open Branches In Nigeria

Cui Jianchin, the Chinese Ambassador to Nigeria, says he is in negotiations with Chinese-owned banks about setting up shop in Nigeria. The goal, according to the ambassador, is to bolster Nigeria’s economy and expand trade ties between the two countries. Cui stated this to journalists during the commemoration of the 2021 Chinese Moon Festival and China-Nigeria Cultural Week on Tuesday in Abuja. According to Cui, one of the main topics of discussion at the China-Nigeria Binational Committee conference, which he is also advocating for, will be the development of Chinese banks in Nigeria. He stated that a strong financial institution[…]