Afreximbank supports intra-regional trade with USD 25 bln

Monday 24 June 2019 13:38 CET | News

African Export-Import Bank has disbursed USD 8 bln out of the USD 25 bln it planned on a revolving basis to support intra-regional trade between 2017 and 2021.

Bank officials have stated that a wood processing park supported by the Bank is already operational and contributing significantly to the economy of Gabon, a mineral processing park and port are also under development in Gabon as are industrial parks in Cote dIvoire, Nigeria, Malawi, Togo and Kenya.

Credit facilities have been granted for the construction of Border Markets in Southern Africa as well as for roads linking multiple countries in West Africa.

The bank has stated that about 320 banks have so far been on-boarded into the Programme and work is continuing. Afreximbanks net income rose from USD 220 million in 2017 to USD 276 million in 2018, driven by a 19% growth in net interest income and a contained rise in expenses.

The Afreximbank expressed optimism that its trade finance platform, by 2020, would hold over 500,000 data sets making it the largest repository of Customer Due Diligence Information on African entities globally. The bank was working at breaking down trade barriers in Africa caused by fragmentation through artificial intelligence.

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Keywords: Afreximbank, African Export-Import Bank, trade finance, trade finance credit facility, trade finance platform, Africa, South Africa, Gabon, Cote dIvoire, Nigeria, Malawi, Togo, Kenya, intra-regional trade
Countries: World