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IATF2023: signatures of financing agreements worth over $1 billion between Afreximbank and several commercial entities

14/11/2023
Source : ORISHAS FINANCE
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La third day of the third Intra-African Trade Fair (IATF2023) had its epilogue on 11 November last. Several financing agreements worth over $1 billion have been signed between the African Export-Import Bank (Afreximbank) and several leading commercial entities across the

continent.

As part of the Ukraine Crisis Adjustment Trade Finance Program for Africa, which will be used to finance trade and trade-related transactions in support of UBA customers, Afreximbank signed a trade finance facility agreement in the amount of 150 millions of dollars with United Bank for Africa (UBA) PLC. The agreement will facilitate increased financing for commercial enterprises in various sectors of the Nigerian economy in order to mitigate the harmful effects of the Russia-Ukraine crisis. The mechanism should enhance confidence in the settlement of international trade transactions for strategic imports.

Another agreement has been signed between Afreximbank and FDH Bank Malawi. Valued at 10 million US dollars, this agreement will support trade finance in Malawi. Likewise, the Commercial Bank of Burundi (BANCOBU) has benefited from a facility with the Pan African Bank, will provide BANCOBU with trade facilitation limits of 55 million US dollars to support the import of essential products, such as petroleum products, which are important for Burundi's trade and manufacturing sector

.

Afreximbank has also signed agreements with Banque de Crédit de Bujumbura (BCB) to support trade finance in Burundi. Together with Exodus and Company, this is a condition sheet for a $141 million intra-African investment financing mechanism. Another signed with Ora SPV/Vista Group for an intra-African commercial investment facility of 140 million euros. With ADI SPV/Vista Bank, Afreximbank signed a term sheet and with Lilium Gold, a condition sheet was signed to facilitate a senior debt of

75 million US dollars.
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