Afreximbank, ITFC collaborate to advance trade, projects in Africa

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By Okeoghene Akubuike

The African Export-Import Bank (Afreximbank) says it has concluded arrangements for a facility of 250 million dollars with the International Islamic Trade Finance Corporation (ITFC) in support of trade and projects in Africa.

This is contained in a statement issued by Vincent Musumba, Media Relations Manager, Afreximbank, in Abuja on Friday.

Masumba said Afreximbank also concluded arrangements for a facility of 100 million dollars with the Islamic Corporation for Development of the Private Sector (ICD).

He said the arrangements were concluded on the sidelines of the recently concluded 2024 Islamic Development Bank (IsDB) Group Annual Meetings and Golden Jubilee Celebrations.

Masumba said the lines of financing expected from ICD would strengthen Afreximbank’s capacity and reinforce its intervention in the private sector, particularly for enterprises with substantial development impact in ICD and Afreximbank’s member states.

He said the facility from ITFC on the other hand, would 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.

“ A 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 industrialisation, developing exports, and full implementation of the African Continent Free Trade Area (AfCFTA).”

Masumba quoted Prof. Oramah, President and Chairman of the Board of Directors of Afreximbank, as saying:

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“I take this opportunity to thank Engineer 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.”

Masumba said ITFC is a member of the IsDB Group established with the primary objective of advancing trade among Organisation of Islamic Cooperation (OIC) member countries.

He said the ICD is a multilateral development financial institution that supports the economic development of its member countries, based in Jeddah, ICD is a part of the IsDB Group and was established in November 1999.

“With an authorised capital of four billion dollars, ICD’s shareholders include the IsDB, 56 Islamic countries, and five public financial institutions.” (NAN)(www. nannews.ng)

 

edited by Sadiya Hamza

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