Afreximbank secures $1 billion facility for Egyptian institutions

The African Export-Import Bank (Afreximbank) has secured more than $1 billion worth of indirect credit facilities for Egyptian institutions, a source with knowledge in the bank said Monday.

The facilities are in form of letters of guarantee and letters of credit, the Afreximbank official further told Amwal Al Ghad.

Since its inception in 1993 to-date, the bank has provided Egypt with $13.8 billion in loans and facilities, representing around 33.7 percent of its overall facilities portfolio.

Promoting and financing intra-African trade is a major concern for Afreximbank, the source added, referring to the recently-formed five-year strategic plan that will see the African continental trade finance institution disburse no less than $90 billion in support of African trade between 2017 and 2021.

The plan, dubbed “IMPACT 2021: Africa Transformed”, was approved by the Afreximbank Board of Directors during its 111th meeting which took place in Cairo on 10 December 2016.

“IMPACT 2021: Africa Transformed” sets out four strategic pillars for the Afreximbank, namely: Intra-African Trade; Industrialisation and Export Development; Trade Finance Leadership; and Financial Soundness and Performance. It also defines a set of macro and corporate objectives and targets.