Cairo, 18 September 2015 – The African Export-Import Bank (Afreximbank) and Agence Française de Développement (AFD) today in Cairo signed a 100 million-Euro line of credit facility agreement to support the African trade finance bank in its interventions to transform the structure of African trade.
According to Afreximbank and AFD, the targeted transformations focus on trade diversification, promotion of value-added exports and enhancement of intra-African trade.
Jean-Louis Ekra, President of Afreximbank, and Stéphanie Lanfranchi, Country Director, AFD Egypt office, who signed the agreement on behalf of their respective institutions at a ceremony at the Afreximbank headquarters, said that the facility underscored the key role which development finance institutions like Afreximbank and AFD played in furthering economic development in Africa.
“The signing of this facility agreement demonstrates Afreximbank’s commitment to delivering on its mandate to leverage international capital into Africa through constructive partnerships with development finance institutions, such as AFD, to transform African trade through diversification of the continent’s exports and promotion of intra-African trade,” said Mr. Ekra.
In her remarks, the Country Director of AFD, Ms. Stéphanie LANFRANCHI said:
“AFD makes around 50% of its activities in Africa and is especially delighted to initiate its first financing and long term partnership with Afreximbank, a major player promoting value addition to African exports and facilitating trade development across Africa”
The Afreximbank and AFD delegations in a group photograph
Afreximbank Board members join in a group photograph following the signing ceremony
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
About AFD
Agence Française de Développement (AFD) is the French development finance institution, entrusted with a mandate by the French national authorities to contribute to economic and social development in its geographical areas of operation. Its action are defined in the policy set out in France’s Framework Document for Development Cooperation. This document was approved at the end of 2010 and in 2011 was translated into a three-year contract specifying objectives and resources between the French Government and AFD. AFD’s teams are based in Paris and Marseille and in a network of seventy agencies and representations in developing countries and the French overseas provinces. AFD Group comprises a private sector financing arm, Proparco, and is also a shareholder of housing companies and a financial company in the French overseas provinces, where the Group plays a specific role in this sector. AFD is also responsible for the management of the French Global Environment Facility (French GEF), which co-finances projects that reconcile environment and development.
For more information, visit: www.afd.fr
Afreximbank Contact:
Obi Emekekwue
Head External Communication
Email: oemekekwue@afreximbank.com
Tel. +202-2456-4238
AFD Contact:
Sandra Kassab
French Development Agency – Cairo office 10 Sri Lanka Str. – Zamalek – Cairo, Egypt Tel : +20 (0) 2 2735 1788
Mob: +20 (0) 12 05 38 88 19 Email: kassabs@afd.fr