The Arab Bank for Economic Development in Africa (BADEA) has signed Thursday a US$50 million credit line for the African Export-Import Bank (Afreximbank).
The credit line is part of BADEA’s programme for financing foreign trade.
The Line of Credit will contribute to finance trade operations between Arab and African countries eligible for BADEA’s fund and operated through Afreximbank to guarantee regular flows of goods and services that are vital to the development of their economic growth, such as energy, industry and agricultural sectors. They will contribute to sustainable development, improve living conditions, and alleviate poverty in Sub-Sahara African countries.
BADEA and Afreximbank signed also a memorandum of understanding to provide a framework of cooperation in their respective endeavours for promoting the economic and social development of the beneficiary African countries by means of funding private sector projects and trade finance operations.
Sidi Ould TAH, Director General of BADEA, signed on behalf of BADEA, while the President of Afreximbank, Benedict ORAMAH, signed for the Bank.
Cairo–based Afreximbank is an international partnership of African states, international organizations, public and private institutions, and investors which aim to facilitate additional flow of resources in support of African foreign trade to finance, promote, and expand intra-Africa and extra-African trade.