Afreximbank extends collaboration with ITFC and ICD to advance Africa economic cooperation
On the sidelines of the recently concluded 2024 Islamic Development Bank (IsDB) Group Annual Meetings and Golden Jubilee Celebrations, African Export-Import Bank, Afreximbank, concluded 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) in support of trade and projects in Africa.
The lines of financing expected from ICD would strengthen the Bank’s capacity and reinforce its intervention in the private sector, particularly for enterprises with substantial development impact in ICD and Afreximbank’s Member States.
The facility from ITFC on the other hand, will provide Compliant Syndicated trade financing line thereby 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 among African and Arab countries for a common goal of advancing socio-economic prosperity and building sustainable trade and development across the regions.
The collective support from ITFC and ICD will also allow the Bank to deliver on its continental mandate of fostering industrialization, developing exports and full implementation of the African Continent 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.”
