Afreximbank Secures USD 350M Facility to Boost African Trade and Development

During the recent 2024 Islamic Development Bank (IsDB) Group Annual Meetings and Golden Jubilee Celebrations, the African Export-Import Bank (Afreximbank) finalized agreements for financial facilities totaling USD 350 million with the International Islamic Trade Finance Corporation (ITFC) and the Islamic Corporation for Development of the Private Sector (ICD) to support trade and projects across Africa.

The financing arrangements with ICD are expected to enhance Afreximbank's capacity and bolster its involvement in the private sector, particularly in enterprises with significant development impact within ICD and Afreximbank's Member States. Meanwhile, the facility from ITFC will provide Compliant Syndicated trade financing lines, complementing Afreximbank's existing trade finance offerings to its clients.

As partners in the Arab Africa Trade Bridges (AATB) Programme, Afreximbank, ITFC, and ICD are committed to promoting south-to-south trade between African and Arab countries, aiming to advance socio-economic prosperity and foster sustainable trade and development across both regions.

The combined support from ITFC and ICD will enable Afreximbank to fulfill its continental mandate of promoting industrialization, fostering exports, and facilitating the full implementation of the African Continental Free Trade Area (AfCFTA).