CAPE TOWN: African Export-Import Bank (AFREXIMBANK) said it was launching a $1 billion financing programme with the Export Credit Insurance Corporation (ECIC) of South Africa to promote trade expansion and investments in Africa.
A statement sent to PREMIUM TIMES on Thursday said a memorandum of understanding was signed between the two partners in Cairo, Egypt on Monday to launch the programme.
Under the terms of the MOU, AFREXIMBANK and ECIC would jointly implement a South Africa-Africa Trade and Investment Promotion Programme (SATIPP) aimed at expanding trade and investment in the continent.
“SATIPP will involve the two institutions working together on identification, preparation and appraisal of trade transactions and projects; exploration of co-financing and risk-sharing opportunities, and knowledge-sharing work, with particular emphasis on intra-African trade matters, through technical cooperation, staff exchange, research and joint events,” the statement said.
South Africa joined AFREXIMBANK as shareholder in November 2017, while ECIC was named as its designated investor, the statement added.
By virtue of the country’s status as shareholder, AFREXIMBANK President, Benedict Oramah, said South Africa would be eligible to access the Bank’s trade promotion programmes and financial services.
