China Devt Bank, Afreximbank to fund Africas trade infrastructure

Monday 10 September 2018 13:39 CET | News

The China Development Bank has signed an agreement with the African Export-Import Bank to provide a USD 500 million facility for trade infrastructure.

The facility will also be used to support Afreximbank’s trade finance intermediaries to provide medium to long term financing for sub-projects in various sectors, including energy, telecommunication, transportation, agriculture, medical sector, industrial park or any related trade finance transactions. The facility carries a 10-year tenor.

According to Afreximbank officials, this facility strengthens the bank’s capacity to realise their mandate and makes it possible for Afreximbank and China Development Bank to achieve development outcomes in Africa. The facility would contribute to the promotion of South-South trade, particularly between China and Africa, while providing long-term funding which Afreximbank would transfer to its clients.

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Keywords: China Development Bank, African Export-Import Bank, Afreximbank, trade finance, Africa, trade infrastructure, financing
Countries: World