The African Export-Import Bank
(Afreximbank) has signed a 500-million dollar facility with the China
Development Bank (CDB) to support trade enabling infrastructure projects
across the continent.
(Afreximbank) has signed a 500-million dollar facility with the China
Development Bank (CDB) to support trade enabling infrastructure projects
across the continent.
Mr Obi Emekekwue, the bank’s Director and
Global Head, Communications and Events Management Department, said that
the Afreximbank obtained the facility on Thursday in Changsha, China.
Global Head, Communications and Events Management Department, said that
the Afreximbank obtained the facility on Thursday in Changsha, China.
Prof. Benedict Oramah, President of
Afreximbank, signed the agreement while Zheng Zhijie Liu, Vice Chairman
and President of CDB signed for CDB, Emekekwue said in a statement.
Afreximbank, signed the agreement while Zheng Zhijie Liu, Vice Chairman
and President of CDB signed for CDB, Emekekwue said in a statement.
Oramah said the facility would also be
used to support Afreximbank’ s trade finance intermediaries to provide
medium to long term financing for sub-projects in energy,
telecommunication, transportation, agriculture, medical sector,
industrial park or any related trade finance transactions.
used to support Afreximbank’ s trade finance intermediaries to provide
medium to long term financing for sub-projects in energy,
telecommunication, transportation, agriculture, medical sector,
industrial park or any related trade finance transactions.
The signing ceremony of the facility,
which had a 10-year tenure, was done on the sidelines of the “4th
Investing in Africa Forum” in Changsha.
which had a 10-year tenure, was done on the sidelines of the “4th
Investing in Africa Forum” in Changsha.
“This facility strengthens our capacity
to realise our mandate and makes it possible for Afreximbank and CDB to
achieve important development outcomes in Africa.
to realise our mandate and makes it possible for Afreximbank and CDB to
achieve important development outcomes in Africa.
“We are actively seeking to drive
Africa’s development by working with partners to support employment
creation, increased economic activities, and increased tax earnings for
governments,”Oramah said.
Africa’s development by working with partners to support employment
creation, increased economic activities, and increased tax earnings for
governments,”Oramah said.
Oramah said the facility would contribute
to the promotion of South-South trade, particularly between China and
Africa, while providing long-term funding, which Afreximbank would
transfer to its clients.
to the promotion of South-South trade, particularly between China and
Africa, while providing long-term funding, which Afreximbank would
transfer to its clients.
Zheng Zhijie said, as a development
finance institution of the Chinese government, CDB had always promoted
China-Africa cooperation as the focus of its international business.
finance institution of the Chinese government, CDB had always promoted
China-Africa cooperation as the focus of its international business.
He said since 2006, the bank had provided more than 50 billion dollars for nearly 500 projects in 43 countries.
He added that the funds had been used to
support a large number of key projects in infrastructure, energy and
minerals, telecommunications, agriculture and others.
support a large number of key projects in infrastructure, energy and
minerals, telecommunications, agriculture and others.
