Afreximbank Secures $350M for African Trade, Development

Cairo, Egypt – May 16, 2024 – The African Export-Import Bank (Afreximbank) has secured a significant financial boost for African trade and development projects. Signing agreements on the sidelines of the Islamic Development Bank’s annual meetings, Afreximbank obtained a combined $350 million facility from the International Islamic Trade Finance Corporation (ITFC) and the Islamic Corporation for Development of the Private Sector (ICD).

This new funding strengthens Afreximbank’s ability to support private sector development, particularly businesses with high growth potential in its member states. The $100 million facility from ICD will specifically target companies with a substantial impact on development goals.

Meanwhile, the $250 million ITFC facility provides a “compliant syndicated trade financing line,” expanding Afreximbank’s existing trade finance offerings to its clients.

This collaboration isn’t a first for these institutions. Afreximbank, ITFC, and ICD are all partners in the Arab Africa Trade Bridges (AATB) Programme. Their shared commitment is to promote trade between African and Arab nations, fostering economic growth and sustainable development across both regions.

The combined support from ITFC and ICD will further empower Afreximbank to pursue its goals of facilitating industrialization, boosting African exports, and fully implementing the African Continental Free Trade Area (AfCFTA).

Afreximbank President and Chairman Prof. Benedict Oramah expressed his gratitude for the continued partnership. “These agreements will significantly support Afreximbank in addressing the funding and structural challenges hindering Africa’s integration agenda,” he stated.