June 13, 2024

Afreximbank and ITFC sign $250m trade financing deal – Trade Finance Global

Estimated reading time: 2 minutes

On the sidelines of the recently concluded 2024 Islamic Development Bank (IsDB) Group Annual Meetings and Golden Jubilee Celebrations, African Export-Import Bank (Afreximbank) finalised arrangements for a facility of $250 million with the International Islamic Trade Finance Corporation (ITFC) and $100 million with the Islamic Corporation for Development of the Private Sector (ICD) to support trade and projects in Africa.

The financing expected from ICD will strengthen the Bank’s capacity and enhance its involvement in the private sector, particularly for enterprises with a substantial impact on development in ICD and Afreximbank’s Member States.

The facility from ITFC will provide a compliant syndicated trade financing line, complementing the Bank’s trade finance offerings to its clients.

As partners of the Arab Africa Trade Bridges (AATB) Programme, Afreximbank, ITFC, and ICD are committed to promoting south-to-south trade between African and Arab countries to advance socio-economic prosperity and build sustainable trade and development across the regions.

The combined support from ITFC and ICD will also enable the Bank to fulfil its continental mandate of fostering industrialisation, developing exports, and fully implementing the African Continental Free Trade Area (AfCFTA).

Speaking during the signing ceremony, Prof. Oramah, President and Chairman of the Board of Directors of Afreximbank, said, “I take this opportunity to thank Eng. Hani Salem Sonbol and the entire team at ITFC and ICD for the continued partnership with Afreximbank. The arrangements we have entered into today with the two institutions will go a long way in supporting Afreximbank in addressing the funding and structural challenges that stand in the way of Africa’s integration agenda.”

By Brian Canup

Brian Canup is the Editorial & Research Assistant at Trade Finance Global (TFG). He graduated with an MA in International Political Economy from King’s College London, and a BA in Political Science from the University of Wisconsin-Madison.

View all of Brian Canup’s posts.

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