The African Export-Import Bank (Afreximbank), has disclosed that it will provide a credit facility valued at two billion Rands (about $140 million) to the Kingdom of Eswatini for trade and economic goals.
Afreximbank’s President, Prof. Benedict Oramah, in a statement on Wednesday, said the facility would enable the Kingdom achieve required funding to meet trade and strategic economic goals.
Oramah made the announcement when he led a delegation of the bank to visit King Mswati III of the Kingdom of Eswatini in Mbabane.
He said that the facility would also enable the Kingdom to leverage its future financial flows as a tool for economic development.
Oramah affirmed Afreximbank’s commitment to supporting the economic growth of Eswatini.
The bank’s president who recognised the large supply of timber in the country, he urged the government to develop a policy for its processing.
“We want to be relevant to this country. This visit will help us chart a more aggressive course to support the development of the country.
“There are many areas in which we can assist and we can provide support to your timber industry”.
The King of Eswatini commended Afreximbank for the assistance and services it was committing to the country.
He welcomed signing of the joint declaration between the country and Afreximbank, saying it was a key contribution toward the development of the Kingdom.
Earlier, Eswatini’s Minister of Finance, Neal Rijkenberg, who signed the Joint Declaration on behalf of the government, said the facility, when effective, would help address development opportunities in the kingdom.
Rijkenberg said that Eswatini could use Afreximbank’s assistance for advisory services in converting Eswatini’s agro-processing potential into a leading export driver.
He also invited the bank to explore opportunities in the tourism and manufacturing sectors.
Afreximbank’s delegation also met with Prime Minister Ambrose Dlamini who commended the Bank’s commitment and dedication to Eswatini since it became a member of the Bank.
Dlamini said that the Bank’s support was invaluable to the Kingdom’s economic growth and expansion.