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African Export-Import Bank, KEXIM Sign MOU To Boost Korean-African Trade

The African Export-Import Bank (Afreximbank) says it has entered into a Memorandum of Understanding (MOU) with the Export-Import Bank of Korea (KEXIM) to support trade between Africa and South Korea
Afreximbank said in a statement in Lagos on Wednesday that the MOU, which would attract 100 million dollars (N31 billion), was signed between the banks on Wednesday in Seoul.
The statement said that the MOU was signed by Afreximbank President, Dr Benedict Oramah, and his KEXIM counterpart, Dr Lee Duk-Hoon.
It said that the fund would support trade transactions between South Korea and the Africa as part of a commitment by the two institutions to cooperate in matters of common interest.
Afreximbank and KEXIM will also explore the possibility of establishing other financing schemes to promote trade between South Korea and Africa.
Oramah was quoted as saying the line of credit was very timely given Afreximbank’s current focus on financing the import of investment goods to accelerate the structural transformation of African economies.
“We look forward to using the funding to pursue the urgent needs of our continent,” he said.
Lee said that the growth prospects for the continent remained positive in spite of current economic challenges facing most African economies.
He stressed the need for the two institutions to deepen their collaboration in order to boost trade and investment relations between South Korea and Africa.
Established in 1976, KEXIM supports South Korea’s export-led economy by providing loans and financing mega projects, thereby facilitating economic cooperation with other countries and regions.
Africa’s imports from South Korea in 2015 stood at approximately 9.8 billion dollars against 13 billion dollars in 2014, while the continent’s exports to South Korea amounted to 5.8 billion in 2015 against 7.9 billion dollars in 2014.

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The African Export-Import Bank (Afreximbank) is the foremost Pan-African multilateral financial institution devoted to financing and promoting intra and extra-African trade.
The bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors.
Since 1994, it has approved more than 41 billion dollars in credit facilities for African businesses, including about 6.2 billion dollars in 2015.
Afreximbank had total assets of 9.4 billion dollars as at April 30 and is rated BBB- (Fitch) and Baa2 (Moody’s).
The bank has its headquarters in Cairo.

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Written by How Africa

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