You are here
Home > Business > AFREXIM BANK, ITFC PLEDGE 100 MILLION US DOLLARS TO SUPPORT AFRICAN TRADE

AFREXIM BANK, ITFC PLEDGE 100 MILLION US DOLLARS TO SUPPORT AFRICAN TRADE

By Oluwakemi Ukanah…/

The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IsDB) Group, and the African Export-Import Bank (Afreximbank), a multilateral financial institution established by African governments and institutional investors, have signed a US$100-Million agreement and a EUR 50-Million Murabaha agreement with the aim of facilitating and financing exports amongst African countries and between Africa and the rest of the world.

The agreements were signed by Eng. Hani Salem Sonbol, the CEO of ITFC, and Mr. Amr Kamel, Executive Vice President, Business Development & Corporate Banking of Afreximbank, in a ceremony held during the Afro-Arab Trade Finance Forum, which was organized by the Arab Bank for Economic Development in Africa (BADEA) on 21 December 2017 in Dubai under the Arab Africa Trade Bridges Program.

The facilities are intended to be used to support procurement from suppliers from the member and non-member countries, including local purchase, to promote trade across Africa.

Mr. Amr Kamel, Executive Vice President at Afreximbank, in his speech at the ceremony, stated that Afreximbank saw the Murabaha partnership agreement as a stepping stone towards greater collaboration in pursuit of the Bank’s shared vision with ITFC. He said that “ITFC has demonstrated that it stands shoulder to shoulder with the African Export-Import Bank as they collaborate to develop the African Continent and promote inter-African trade.”

“I see great prospect for the unfolding Afreximbank-ITFC partnership,” Mr. Kamel added, “but I am mindful that realizing the tremendous opportunities will require determination and hard work. We are committed to invest our resources in that direction.”