Afreximbank signs $10 million facility deal with Zambia’s IGI

The African Export–Import Bank (Afreximbank) has signed on Sunday a $10 million facility agreement with Zambian insurer Innovate General Insurance – IGI.

IGI is an insurance provider that issues transit bonds for Zambia Freight Forwarders Association (ZAFFA) members, including clearing and freight forwarding agents, to facilitate the movement of goods across the trade corridors involving Zambia.

The facility is for Afreximbank to provide a Transit Guarantee Facility to increase the capacity of IGI to extend its support to ZAFFA members. It will facilitate the movement of goods in Regional Economic Communities (RECs) as well as under the African Continental Free Trade Agreement (AfCFTA).

Afreximbank’s facility will not only support Zambia and other African countries’ customs administrations with reliable security and improve collection of duties and taxes, but it will also increase intraregional trade and make a contribution towards the implementation of the intra-African trade and the AfCFTA.

Kanayo Awani – Executive Vice President, Intra-African Trade Bank, at Afreximbank, has signed the agreement with Luwa Luwabelwa, Director and Co-Founder of Innovate General Insurance (IGI), at the third edition of Africa’s largest trade and investment fair, IATF 2023 taking place in Cairo, Egypt.