Cairo, 8 July 2015 – The African Export-Import Bank (Afreximbank) today signed on to provide a 15-million Euro financing facility to Afriland First Bank’s Côte d’Ivoire subsidiary for the financing of transactions by SME’s in that country’s key growth sectors.
The signing of the term sheet for the facility was held as part of activities to mark a visit to the Afreximbank Headquarters in Cairo by a delegation of Afriland First Bank Group led by Dr. Paul Fokam, Chairman of the Board of the Group.
The facility would support Afriland First Bank’s clients engaged in the oil and gas, agribusiness and other key sectors by providing them with export development finance and by developing the capacities of local firms to service big international mining groups operating in the country, explained Afreximbank President Jean-Louis Ekra in an address at the ceremony.
Mr. Ekra said that Afreximbank approved the facility in the context of its commitment to transforming African economies by supporting the SME sector while also promoting intra-African trade.
According to him, the approval of the facility reflects Afreximbank’s strong support for financing trade development in key sectors of its member countries and will enable Afriland First Bank to enhance value addition in the Ivorian economy.
Earlier, the President had commended the Afriland First Bank Group for its commitment to Africa’s development at the continental level and for promoting the African private sector, saying that that approach complemented Afreximbank’s determination to build up the indigenous African private sector
Responding, Dr. Fokam said that the Afriland First Bank Group shared the vision of achieving the transformation of the African economy and changing the continent.
Describing Afreximbank as a unique continental institution which had achieved enviable success in implementing its mandate, he announced that the Afriland First Bank Group would take up shareholding in Afreximbank. One of the Group’s national African subsidiaries would be designated to represent it as a shareholder.
Media Contact: Fleur Tchibota (ftchibota@afreximbank.com Tel. +202-2451-5482)
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About Afreximbank:
The African Export-Import Bank (Afreximbank) is the foremost Pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade. The Bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors. Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations. Since 1994, Afreximbank has approved almost $35 billion in credit facilities for African businesses, including about $4.5 billion in 2014. Afreximbank is headquartered in Cairo. For more information, visit: www.afreximbank.com