Business

Afreximbank unfolds programme to assist African banks in int’l transactions

Afreximbank releases $1bn for AfCFTA

 

The African Export-Import Bank (Afreximbank) come up with a trade finance facilitation programme to ease the stringent compliance and regulatory requirements imposed by international banks on African banks for trade confirmation lines.

The bank’s Director and Global Head, Communications and Events Management Department Mr. Obi Emekekwue, in a statement quoted Afreximbank’s Executive Vice-President for Business Development and Corporate Banking Amr Kamel, as unveiling the programme in Cairo.

Kamel said the programme had been structured to enhance the confidence of counter-parties in the settlement of international trade transactions for intra- and extra Africa trade and to improve correspondent banking relationships.

 

[penci_blockquote style=”style-2″ align=”none” author=””]“The programme will enhance confidence among African banks and boost Egypt-Africa trade and intra-African trade, thereby decreasing the trade finance gap in the continent due to stringent regulations and high compliance costs,” Kamel said.[/penci_blockquote]

He averred that the programme became necessary because the stringent conditions requirements had resulted in the international banks reducing or withdrawing trade lines to African banks.

Kamel said that strict conditions had aided in confirming banks that had risk capital and capacity constraints to support trade finance transactions.

He said that the new trade facilitation programme packaged  in consultation with executives from 24 banks and a representation from the Korean Exim Bank would save and transform African trade.

“The programme will enhance confidence among African banks and boost Egypt-Africa trade and intra-African trade, thereby decreasing the trade finance gap in the continent due to stringent regulations and high compliance costs,” Kamel said.

According to him, the participating banks include Abu Dhabi Islamic Bank, Ahli United Bank (Egypt), Al Ahli Bank of Kuwait, Alex Bank, Arab Bank, Arab International Bank, Arab Investment Bank, Attijariwafa bank, Banque du Caire, Banque Misr;Blom Bank; Commercial International Bank and Credit Agricole Egypt.

 

[penci_related_posts taxonomies=”undefined” title=”Online Related Posts” background=”” border=”” thumbright=”no” number=”4″ style=”grid” align=”none” displayby=”recent_posts” orderby=”random”]

Others are Egyptian Gulf Bank; Emirates NBD, Export Development Bank of Egypt; First Abu Dhabi Bank; Mashreq; National Bank of Egypt,QNB Al Ahli, Societe Arabe Internationale de Banque, Suez Canal Bank, The United Bank and Union National 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.

Since 1994, it has approved about $60 billion in credit facilities for African businesses, including about $8.5 billion in 2017. The bank is headquartered in Cairo.

Comment With Facebook

Comments (65)

  1. Thank you for sharing superb informations. Your web-site is very cool. I am impressed by the details that you¡¦ve on this blog. It reveals how nicely you perceive this subject. Bookmarked this website page, will come back for extra articles. You, my pal, ROCK! I found just the info I already searched all over the place and simply could not come across. What a great web-site.

  2. I simply intend to show you that I am new to putting up a blog and thoroughly valued your report. Likely I am prone to remember your blog post . You indeed have fabulous article material. Be Grateful For it for share-out with us your main internet site document

  3. Extraordinarily useful points that you have said, thank you so much for submitting.

  4. Wow! This could be one particular of the most beneficial blogs We’ve ever arrive across on this subject. Basically Magnificent. I’m also a specialist in this topic therefore I can understand your hard work.

  5. Thank you for the auspicious writeup. It if truth be told used to be a entertainment account it. Glance complex to far delivered agreeable from you! By the way, how can we keep up a correspondence?

  6. This writing article support review is basically standard. This review is extremely useful to students accumulated some essay writing details for good essay. Such a essay writing articles are extremely impressive in order to viewers. Thank you pertaining to sharing your notions. anchor |

  7. I found your this post while searching for information about blog-related research … It’s a good post .. keep posting and updating information. advice |

  8. very nice post, i undoubtedly enjoy this amazing site, carry on it

  9. Wonderful post but I was wondering if you could write a litte more on this subject? I’d be very thankful if you could elaborate a little bit more. Thanks!

  10. pretty practical stuff, overall I feel this is well worth a bookmark, thanks

  11. This blog writeup was helpful.

  12. I’m not that much of a online reader to be honest but your sites really nice, keep it up! I’ll go ahead and bookmark your site to come back later on. Many thanks|

  13. magnificent publish, very informative. I’m wondering why the other experts of this sector don’t realize this. You should continue your writing. I am sure, you have a huge readers’ base already!|

Comment here