AfDB boosts Afreximbanks trade finance budget with USD 900 mln

Monday 30 July 2018 10:04 CET | News

The African Development Bank has provided trade finance lines of credit of USD 900 million as support for Afreximbank’s trade finance activities.

 African Development Bank officials have stated that, with the rapidly changing world of trade and rising echoes of unilateralism, Africa must trade by ensuring rapid growth in Intra-African trade.

The financial support is said to come in the context of the important role of the African Continental Free Trade Area. When fully implemented, the African Continental Free Trade would raise the share of Intra-African trade in Africa’s total trade from 16% to 52%, and increase the value of Africa’s traded goods and services by USD 35 billion per year, according to statements made by African Development Bank executives during a dinner organised to mark the 2018 Annual Meetings and 25th anniversary of the African Export-Import Bank (Afreximbank).

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: AfDB, The African Development Bank, Afreximbank, trade finance, African Continental Free Trade, African Export-Import Ban
Countries: World