Afreximbank Earmarks $90b to boost African Trade

The African Export-Import Bank (Afreximbank) will disburse $90 billion to support trade on the continent under a five-year strategic plan dubbed “Impact 2021: Africa Transformed”.

Afreximbank is the pan-African multilateral financial institution that finances and promotes trade within Africa’s borders and beyond.

The Bank has approved more than $41 billion in credit facilities for African businesses since 1994, including $6.2 billion in 2015.

Impact 2021 defines intra-African trade as trade in goods and services between or among African countries; and the flow of goods and services between African and Africans in the Diaspora.

Disbursements in support of intra-African trade are expected to reach $25 billion between 2017 and 2021. The rest of the funds will go towards Industrialisation and Export Development; Trade Finance Leadership; and Financial Soundness and Performance.

Under these pillars, the Bank will facilitate the production of value-added exports and services while ensuring that the produced goods and services are traded; support the development of the agro-processing, light manufacturing, and tradable service sectors; and expand intervention in some of the critical trade finance products it already offers and by creating new products and initiatives.

The Cairo-based institution had total assets of $9.4 billion as at April 30th April 2016 and is rated BBB- by Fitch and Baa2 by Moody’s.

This post first appeared HERE

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