Afreximbank Signs US$100M Facility with Rawbank to Boost DRC's Trade Flows

Haytham Elmaayergi, Executive Vice President of Global Trade Bank at Afreximbank, highlighted the strategic importance of the facility in supporting economic growth in the DRC.

In a significant move aimed at bolstering trade activities in the Democratic Republic of Congo (DRC), African Export-Import Bank (Afreximbank) has signed a landmark agreement for a US$100-million trade finance facility with Rawbank. This facility marks Afreximbank's largest trade finance support ever extended to a commercial bank in the DRC, underscoring its commitment to enhancing trade flows into and out of the country.

The agreement, finalized during the ongoing Afreximbank Annual Meetings (AAM2024), is expected to alleviate pressure on the DRC's balance of payments while fostering economic development through increased trade. Leveraging Afreximbank's Trade Finance Facility (AFTRAF) programme, the facility will provide Rawbank with essential financial instruments to facilitate and expand trade activities within the region.

Haytham Elmaayergi, Executive Vice President of Global Trade Bank at Afreximbank, highlighted the strategic importance of the facility in supporting economic growth in the DRC. "We are very pleased to deploy this important facility in the DRC to support such a strategic partner as Rawbank," stated Mr. Elmaayergi. "Our partnership aims to unlock the full potential of intra-African and global trade, contributing to the continent's economic advancement."

The AFTRAF programme, structured to counteract the reduction of trade lines to African banks by international counterparts during the de-risking process, offers trade confirmation services, guarantees, and reimbursement undertakings to clients. This initiative aims to enhance financial stability and confidence among African banks engaged in trade finance activities.

Commenting on the agreement, Didier Tilman, Vice-President of Business Development at Rawbank, expressed optimism about its impact. "Today's agreement marks a significant milestone for Rawbank and the DRC," noted Mr. Tilman. "It not only enhances our trade finance capabilities but also underscores Rawbank's pivotal role in driving economic growth and facilitating trade within the region."

The Afreximbank Annual Meetings, coinciding with the third Africaribbean Trade and Investment Forum (ACTIF2024), are set to conclude on 15 June. These events serve as critical platforms for fostering dialogue, partnerships, and initiatives aimed at advancing economic cooperation and development across Africa and the Caribbean region.