Cairo, 29 May 2018: – The African Export-Import Bank (Afreximbank) is arranging up to $2 billion in financing support to Angola, Bank President Dr. Benedict Oramah has said.
Dr. Oramah, who was speaking in Luanda on 24 May during an audience with President João Manuel Gonçalves Lourenço of Angola, said that the amount included various trade financing facilities for essential imports.
The meetings also discussed proposals for $1 billion to be offered under the Bank’s Investment Guarantee Refinancing Facility (ICREF) to facilitate private sector investments in industrial and non-oil productive activities, including export manufacturing, fishing, agri-business and tourism. ICREF will be offered through designated banks.
Dr. Oramah said that the financing would also support the financial services sector by enabling selected Angolan Banks to issue letters of credit, to be confirmed by Afreximbank, for the continued importation of essential commodities, including food items and pharmaceuticals.
Dr. Oramah also held meetings with Archer Mangueira, Minister of Finance of Angola, and Dr. José de Lima Massano, Governor of the Banco Nacional de Angola, to agree on modalities for the implementation of the proposed financing as well as on Angola’s participation in the Intra-African Trade Fair being organized by Afreximbank in Cairo from 11 to 17 December.
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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, it has approved about $60 billion in credit facilities for African businesses, including about $8.5 billion in 2017. Afreximbank had total assets of $11.9 billion as at 31 December 2017 and is rated BBB+ (GCR), Baa1 (Moody’s), and BBB- (Fitch). The Bank is headquartered in Cairo. For more information, visit: www.afreximbank.com