$ 850 m Chinese Financial Institutions Will Boost Support To African Trade – Afreximbank

The $ 850 million in financing facilities being made available to the African Export - Import Bank (Afreximbank ) by two Chinese financial institutions will allow the African trade finance bank to greatly expand its support to African businesses seeking to diversify and expand their trade activities , the bank’s president , Prof . Benedict Oramah has said .
Prof . Oramah, who was reporting on the Bank ’s participation in the recently concluded Forum for China- Africa Cooperation (FOCAC 2018 ), held in Beijing from 3 to 4 September , noted that the Bank used the opportunity of the event to sign agreements for a $ 500-million facility with the China Development Bank and a $ 350- million facility with Bank of China.
The China Development Bank facility is to enable Afreximbank support trade enabling infrastructure projects across Africa while the $ 350 million from the Bank of China is targeted at direct bank-to- bank loans , participation in syndicated loans and trade finance , among others.
The Bank of China agreement followed the signing of a memorandum of understanding ( MoU) between the Chinese bank and Afreximbank . Under the terms of the MoU, the two institutions committed to collaborating in the identification of co- financing and co- investing opportunities; cooperating in projects and transactions to enhance trade and investment between China and Africa; and supporting projects under the “ Belt and Road ” Initiative in order to bring shared development opportunities to China and Africa.
He said that Afreximbank took advantage of the participation to hold meetings with several high - level personalities , including Presidents Macky Sall of Senegal, Faure Gnassingbé of Togo and Denis Sassou Ngueso of the Republic of Congo
The delegation also met with Zhang Qingsong , the new President of China Exim Bank , to discuss areas of collaboration. That meeting made the Afreximbank delegation the first to be formally received by the China Exim Bank President in his new role .
A similar meetings were held with Liqun Jin , Chairman and President of the Asian Infrastructure Investment Bank and Liu Liange, President of Bank of China.
The Afreximbank delegation also met with Jack Ma, Chairman of the Alibaba Group , to hold discussions on areas of possible collaboration.

$ 850 m Chinese Financial Institutions Will Boost Support To African Trade – Afreximbank $ 850 m Chinese Financial Institutions Will Boost Support To African Trade – Afreximbank Reviewed by Youngblogger on 12 September Rating: 5

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