The International Islamic Trade Finance Corporation (ITFC) has signed an agreement to provide a $100 million credit facility to the African Export-Import Bank (Afreximbank) to promote Arab-Africa trade and investments.
The signing ceremony took place yesterday in Egypt at the Africa 2019: Investment in Africa Forum.
The agreement document said the facility would help finance and de-risk trade flows between the Arab and Africa regions, thereby raising the level of trade, which currently stands at about $500m.
A statement from Afreximbank said the pact will also help in leveraging other Arabian funds in support of Arab investments in Africa.
The bank said the facility was part of the Afreximbank/ITFC Arab-Africa Trade and Investment Promotion Programme launched two years ago to deepen the partnership between them.
The President of Afreximbank, Prof. Benedict Oramah, and CEO of ITFC, Hani Sombol, signed the pact on behalf of the two organisations in the presence of the Egyptian Prime Minister, Mostafa Madbouly, and Egypt’s Minister of Investment and International Cooperation, Dr. Sahar Nasr.