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Afreximbank says releases $50m credit to Angolan bank to facilitate African trade


  17 Septembre      2        Economy (6128), Finance (2177),

   

Abuja, Sept. 17, 2019 (NAN) The African Export-Import Bank (Afreximbank) says Banco de Fomento Angola (BFA) has signed on to its Trade Facilitation programme (AFTRAF) for an initial $50 million line of credit to to facilitate African trade

This is contained in a statement on Tuesday made available to newsmen in Lagos, South West Nigeria by Mr Obi Emekekwue, Afreximbank’s Director and Global Head of Communications and Events Management.

Emekekwue said that the credit line was to bridge the gap created by the withdrawal of international correspondent banks from the continent.

According to him, Banco de Fomento Angola is the first Angolan bank to sign on to the programme offered by Afreximbank.

“BFA will use the AFTRAF line of credit to confirm letters of credit and to issue guarantees, avalisation and other trade enabling products.

“The line could also be increased based on demand from the Angola market,” he said.

He said the AFTRAF programme also provide access to a global network of confirming banks and complements the capacity of African banks to provide trade financing solutions through risk mitigation in new or challenging markets.

He added that so far, 100 banks from 26 Afreximbank member countries had signed on to the AFTRAF

Afreximbank is devoted to the financing and promotion of intra- and extra-African trade.

The bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors. It is headquartered in Cairo. (NAN)

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