The International Islamic Trade Finance Corporation (ITFC) in Egypt’s New Capital City has signed an agreement to provide a $100-million credit facility to the African Export-Import Bank (Afreximbank) to promote Arab-Africa trade and investments.
The signing ceremony took place at the Africa 2019: Investment in Africa Forum, with Afreximbank President Prof. Benedict Oramah and ITFC CEO Hani Sombol signing on behalf of their two organisations in the presence of Egyptian Prime Minister Mostafa Madbouly and Minister of Investment and International Cooperation Dr. Sahar Nasr.
The agreement states that the facility will help finance and derisk trade flows between the Arab and Africa regions, thereby raising the level of trade, which currently stands at about $500 million. It will also help in leveraging other Arabian funds in support of Arab investments in Africa.
The facility is part of the Afreximbank/ITFC Arab-Africa Trade and Investment Promotion Programme launched by the two organisations about two years ago and is aimed at deepening the partnership between them.