Afreximbank signs $35 million deal with Djibouti’s Red Sea Bunkering

The African Export–Import Bank (Afreximbank) has signed on Sunday heads of terms for $35 million dual tranche trade finance facility with Djibouti’s Red Sea Bunkering.

The financing is to facilitate the importation of refined petroleum products from overseas suppliers into Djibouti for onward sales to vessel owners and suppliers who require bunkering services off-shore and on-shore Djibouti ports. It will enable the company to finance its trade finance requirements besides supporting the company to increase its bunkering services to ships and large vessels passing through one of the main maritime trade corridors in the horn of Africa on the coasts of Djibouti.

Kanayo Awani – Executive Vice President, Intra-African Trade Bank, at Afreximbank, has signed the agreement with Abdi Ismail Kahin, CEO of Red Sea Bunkering, at the third edition of Africa’s largest trade and investment fair, IATF 2023 taking place in Cairo, Egypt on November 9-15.