Afreximbank, Cexim sign $600m deal to boost China-Africa trade

The African Export-Import Bank (Afreximbank) and the Export-Import Bank of China (CEXIM) have inked a historic $600m loan deal to enhance trade and economic cooperation between Afreximbank member states and China.

The agreement was overseen by the President of CEXIM, ShengjunRen, and Afreximbank President and Chairman of the Board of Directors, Benedict Oramah.

The financial support, it is said, would facilitate and promote growing trade and economic relations between Africa and China, thereby enhancing financial cooperation across the African continent.

Oramah emphasised the increasing collaboration between China and Africa and how the Belt and Road Initiative (BRI) serves as a blueprint for policy enhancement, trade infrastructure, financial connectivity, and people-to-people exchanges.

He said that Afreximbank was committed to leveraging financial resources to boost Africa’s economic landscape.

According to him, the facility will play a crucial role in catalysing trade financing, facilitating the flow of goods, capital, and technology between Africa and China.

Oramah also expressed Afreximbank’s dedication to its sixth Strategic Plan (2022-2026), aimed at expanding its role in Africa’s trade finance and pursuing collaborative opportunities across the continent.

On his part, President of CEXIM described the agreement as a concrete step toward fulfilling CEXIM’s responsibilities in promoting high-quality Belt and Road Initiative cooperation and aligning with China and Africa cooperation framework.

He stressed that the loan agreement was a significant example of third-party market cooperation undertaken by CEXIM.

Both Afreximbank and CEXIM viewed the agreement as an opportunity to strengthen cooperation in various areas, including credit business, equity investment, capital market operations, trade finance, personnel exchange, and knowledge sharing.

The collaborative efforts are aimed at making substantial contributions to China-Africa economic cooperation, boost bilateral trade, and promote sustainable economic and social development in African nations.