AfDB approves $450m for Afreximbank to finance trade

The Board of the African Development Bank, (AfDB) has approved a $450 million financing for the African Export–Import Bank (Afreximbank) to support trade in Africa, a press release copied to ghanabusinessnews.com has said.

 The release indicates that the financing, which was approved on March 29, 2017 consists of a three-year $150 million unfunded risk participation agreement (guarantees) and a four-year $300 million trade finance line of credit.

“This composite facility will help to expand Afreximbank’s risk bearing capacity for the confirmation of letters of credit and to support more trade through the provision of increased liquidity to local financial institutions and corporates in Africa,” the release said.

By Emmanuel K. Dogbevi