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AFREXIM Bank, China’s Export-Import bank agree $600million facility for trade finance



The African Export-Import Bank and Export-Import Bank of China (CEXIM) have agreed $ 600 million deal to facilitate trade and economic cooperation between members of AFREXIM bank and China.

The President of AFREXIM bank, Prof. Benedict Oramah and Vice President of Afreximbank, Dr. George Elombi together with the CEXIM bank’s Vice President Mr. Wencai Zhang signed the deal at CEXIM’s headquarters in Beijing, China.

The loan’s primary objective is to enable and fund trade and economic cooperation between the member states of Afreximbank and the People’s Republic of China (PRC).

Additionally, it will play a role in advancing financial collaboration between Africa and the PRC.

Speaking during the event which also coincides 10th anniversary of China’s Belt and Road Initiative (BRI), Prof. Oramah noted that the deal is potent evidence of the rapid growth and cooperation between China and Africa.

He went further saying the facility would catalyse trade financing between Africa and the People’s Republic of China by enhancing the flow of goods and services.

He said,

He added that through its 6th Strategic Plan, which runs from 2022 to 2026, Afreximbank is working diligently to broaden its role in African trade finance and continues to see lots of collaboration opportunities on the continent.

Mr Shengjun Ren, President of CEXIM, said the agreement is a tangible step taken by CEXIM to fulfil its obligations in promoting high-quality cooperation within the Belt and Road Initiative (BRI) and to put into action the nine programs outlined in the Forum on China and Africa Cooperation framework.

This agreement also serves as a noteworthy instance of third-party market collaboration undertaken by CEXIM.