Afreximbank announces $2bn trade financing support to Angola

Dr Benedict Oramah, Preisdent, African Export-Import Bank
(Afreximbank) has said the bank was organising about $2 billion trade financing
support to Angola.

The bank said in a statement on Tuesday that Oramah made the
pledge in Luanda on May 24 during an audience with President João Manuel
Gonçalves Lourenço of Angola.

Oramah said that the amount would include various trade
financing facilities for essential imports.

The meeting also discussed proposals for $1 billion to be
offered under the bank’s Investment Guarantee Refinancing Facility (ICREF) to
facilitate private sector investments in industrial and non-oil productive
activities.

The facility will also cover export manufacturing, fishing,
agri-business and tourism.

The ICREF will be offered through designated banks.

Oramah said that the financing would also support the financial
services sector by enabling selected Angolan Banks to issue letters of credit to
be confirmed by Afreximbank for the continued importation of essential
commodities, including food items and pharmaceuticals.

He also held meetings with Archer Mangueira, the Minister of
Finance in Angola and Dr José de Lima Massano, Governor of the Banco Nacional
de Angola, to agree on modalities for the implementation of the proposed
financing.

The News Agency of Nigeria (NAN) reports that the meetings also
discussed Angola’s participation in the Intra-African Trade Fair being
organized by Afreximbank in Cairo ‪from Dec. 11 to Dec. 17.