Afreximbank and ECIC pledge $1bn to expand trade between SA and other African countries
The African Export-Import Bank and the Export Credit Insurance Corporation of SA are launching a billion-dollar programme to promote trade and investments
Headquartered in Cairo, the African Export-Import Bank (Afreximbank) and the Export Credit Insurance Corporation (ECIC) of SA have entered into a memorandum of understanding (MOU) to launch a $1bn (R12bn) financing programme to promote and expand trade and investments between SA and the rest of Africa. Afreximbank and the ECIC will jointly implement the South Africa-Africa Trade and Investment Promotion Programme. The programme will focus on the identification, preparation and appraisal of trade transactions and projects; exploration of co-financing and risk-sharing opportunities; and knowledge-sharing work, with particular emphasis on intra-African trade matters through technical cooperation, staff exchange, research and joint events. SA, which joined Afreximbank as a shareholder in November 2017 and named the ECIC as its designated investor, is eligible for the bank’s trade promotion programmes and financial services. Afreximbank president Dr Benedict Oramah said during the signi...
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