Afreximbank announces agreement with the International Islamic Trade Finance Corporation

Wednesday 27 November 2019 14:38 CET | News

The African Export-Import Bank (Afreximbank) has sealed an agreement with the International Islamic Trade Finance Corporation (ITFC) to receive a USD 100 million credit facility in order to promote Arab-Africa trade and investments.

According to the agreement document as reported by Daily Trust, the facility would help finance and de-risk trade flows between the Arab and Africa regions, thereby raising the level of trade, which currently stands at about USD 500 million.

Speaking on the deal, Afreximbank said the pact would help in leveraging other Arabian funds in support of Arab investments in Africa. The bank also said the facility was part of the Afreximbank/ITFC Arab-Africa Trade and Investment Promotion Programme launched two years ago to deepen the partnership between them.

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Keywords: Afreximbank, agreement, International Islamic Trade Finance Corporation, finance
Categories: Banking & Fintech
Countries: Africa
This article is part of category

Banking & Fintech