The African Export-Import Bank (Afreximbank) and the Export Credit Insurance Corporation of South Africa SOC Limited (ECIC), yesterday, Johannesburg, unveiled a $1billion financing programme to promote and expand trade and investments between the country and the rest of Africa.
The financing, under the South African-Africa Trade and Investment Promotion Programme (SATIPP), Afrexim bank and ECIC will work together to identify, prepare and appraise trade transactions and projects. They will also explore co-financing and risk-sharing opportunities, as well as share knowledge, with particular emphasis on intra-African trade matters, through technical cooperation, staff exchange, research and joint events.
This is coming few weeks after the continent's largest trade bank, reiterated its cooperation with Nigeria's quest for development and offered to arrange financing of up to $1 billion to support investments in trade enabling infrastructure.The pan-African multilateral lender said that its facilities had made major impact on critical sectors of the Nigerian economy, while the institution now has loans outstanding of about $3.5 billion in the country as at 31 December 2017.
The bank identified the benefiting sectors of its to include financial institutions, transport, hospitality, manufacturing, agro-allied, oil and gas, power, and telecommunications. But addressing the business community, media and stakeholders from the public and private sectors, the President of Afrexim bank, Dr. Benedict Oramah, said that the joint initiative would support businesses through capacity building and market information initiatives and would help small and medium-sized entrepreneurs to join regional supply chains.
Courtesy: The Guardian
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