The African Export-Import Bank (Afreximbank) has raised the equivalent of US$907.5mn after sealing a dual-currency syndicated loan with a dozen banks. The facility has a tenor of up to 15 months and comes with a US$485mn tranche and a €390.4mn tranche. Initially launched in early April to a limited group
Trade Finance
CDC Group unveils record levels of trade finance to Africa
CDC Group, the UK’s impact investor and development finance institution, has announced a record month for its trade guarantee programme with over $500m guaranteed across 350 transactions in March, representing a new programme high. This is in addition to a $100m trade loan facility made available to one of Africa’s
Egypt to loan EgyptAir $127 mln to help it through coronavirus crisis
CAIRO (Reuters) – Egypt’s government will lend EgyptAir 2 billion Egyptian pounds ($127.39 million) due to the impact of the coronavirus on its operations, the finance ministry said. A member of the Star Alliance led by Germany’s Lufthansa, EgyptAir halted regular international flights on March 19 when the government closed
EXIM Board Unanimously Approves Amended Financing of U.S. Exports to Mozambique LNG Project and Support of More U.S. Jobs in Additional States
$4.7 Billion Loan Will Now Support 16,700 American Jobs and Nearly Double Number of Identified U.S. Suppliers WASHINGTON – The Board of Directors of the Export-Import Bank of the United States (EXIM) today unanimously voted to amend the agency’s previously approved September 2019 direct loan supporting U.S. exports for the development and
Virus drives “unprecedented” levels of EBRD trade finance support
Financing under the European Bank for Reconstruction and Development’s (EBRD’s) Trade Facilitation Programme (TFP) in April topped €500mn for the first time in a single month in its history. This marks the development bank’s second consecutive month of record support for trade as it steps in to protect emerging economies
BACB continues expansion of Anglophone Africa team
British Arab Commercial Bank (BACB) has appointed David Oberheim as director for Anglophone Africa, the team’s second senior hire in a matter of weeks. Reporting to BACB’s head of client coverage, Jeff Fallon, Oberheim says he will help provide “critical support” to businesses in Sub-Saharan Africa affected by the global
Russia’s trade with Africa: The real deal or smoke and mirrors?
Russia’s ambition to grow trade with Africa is already evident in increased capital goods exports. But EU and US sanctions on some Russian companies make doing business with Russia tricky for many African sovereigns, while critics question how the latest drive differs to previous promises to increase trade – which
