Afreximbank Deepens Collaboration with the International Islamic Trade Finance Corporation and the Islamic Corporation for Development of Private Sector to Advance Africa Economic Cooperation

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President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah (left) with Chief Executive Officer, International Islamic Trade Finance Corporation (ITFC) & Acting Chief Executive Officer of Islamic Corporation for Development of the Private Sector (ICD), Eng. Hani Salem Sonbol (right).

Cairo, May 16, 2024: On the sidelines of the recently concluded 2024 Islamic Development Bank (IsDB) Group Annual Meetings and Golden Jubilee Celebrations, African Export-Import Bank (Afreximbank or “the Bank”) concluded arrangements for a facility of USD 250 million with the International Islamic Trade Finance Corporation (ITFC) and USD 100 million with the Islamic Corporation for Development of the Private Sector (ICD) in support of trade and projects in Africa.

The lines of financing expected from ICD would strengthen the Bank’s capacity and reinforce its intervention in the private sector, particularly for enterprises with substantial development impact in ICD and Afreximbank’s Member States.

The facility from ITFC on the other hand, will provide Compliant Syndicated trade financing line thereby complementing the Bank’s trade finance offerings to its clients. 

As partners of the Arab Africa Trade Bridges (AATB) Programme, Afreximbank, ITFC and ICD are committed to promoting south-to-south trade among African and Arab countries for a common goal of advancing socio-economic prosperity and building sustainable trade and development across the regions.

The collective support from ITFC and ICD will also allow the Bank to deliver on its continental mandate of fostering industrialization, developing exports and full implementation of the African Continent Free Trade Area (AfCFTA).

Speaking during the signing ceremony, Prof. Oramah, President and Chairman of the Board of Directors of Afreximbank said: “I take this opportunity to thank Eng. Hani Salem Sonbol and the entire team at ITFC and ICD for the continued partnership with Afreximbank. The arrangements we have entered into today with the two institutions will go a long way in supporting Afreximbank in addressing the funding and structural challenges that stand in the way of Africa’s integration agenda.”


About Afreximbank:

African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance, facilitate and promote intra and extra-African trade. For over 30 years, the Bank has been deploying innovative instruments to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the AfCFTA, Afreximbank has in partnership with the African Union Commission and AFCFTA Secretariat launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the Free Trade Agreement. The AFCFTA Secretariat and the Bank have created a USD 10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA.

At the end of December 2023, Afreximbank’s total assets and guarantees stood at US$ 37.3 billion, and its shareholder funds amounted to US$ 6.1 billion. The Bank disbursed more than US$ 104 billion between 2016 and 2023 through various interventions for the advancement of the continent. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”).

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About ITFC:

The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among Organization of Islamic Cooperation (OIC) member countries, which would ultimately contribute to the overarching goal of improving the socio-economic conditions of the people across the world.

About ICD:

The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution that supports the economic development of its member countries. Based in Jeddah, ICD is a part of the Islamic Development Bank (IsDB) Group and was established in November 1999. With an authorized capital of $4 billion, ICD’s shareholders include the IsDB, 56 Islamic countries, and five public financial institutions.