Afreximbank has finalized arrangements for a $250 million facility with the International Islamic Trade Finance Corporation (ITFC) to support trade and projects across Africa. This announcement was made in a statement by Vincent Musumba, Media Relations Manager at Afreximbank, in Abuja on Friday.
Additionally, Afreximbank secured a $100 million facility with the Islamic Corporation for Development of the Private Sector (ICD). These agreements were concluded during the 2024 Islamic Development Bank (IsDB) Group Annual Meetings and Golden Jubilee Celebrations.
ALSO READ: Nigeria Backs Afreximbank’s Export Fund, Boosting Trade
The financing from ICD is expected to strengthen Afreximbank’s capacity and bolster its interventions in the private sector, particularly for enterprises with significant development impacts in the member states of both ICD and Afreximbank. The facility from ITFC will provide a compliant syndicated trade financing line, complementing the bank’s existing trade finance services.
“As partners of the Arab Africa Trade Bridges (AATB) Programme, Afreximbank, ITFC, and ICD are committed to promoting South-to-South trade between African and Arab countries, aiming to foster socio-economic prosperity and sustainable trade development across the regions,” Musumba stated.
“The collective support from ITFC and ICD will also enable Afreximbank to fulfill its continental mandate of fostering industrialization, developing exports, and fully implementing the African Continental Free Trade Area (AfCFTA).”
Oramah, President and Chairman of the Board of Directors of Afreximbank, expressed gratitude to Engineer Hani Salem Sonbol and the teams at ITFC and ICD for their continued partnership. “The agreements we have made today with these institutions will significantly help Afreximbank address the funding and structural challenges hindering Africa’s integration agenda,” he said.
ITFC, a member of the IsDB Group, aims to promote trade among Organisation of Islamic Cooperation (OIC) member countries. The ICD, based in Jeddah and established in November 1999, is a multilateral development financial institution supporting the economic development of its member countries. With an authorized capital of four billion dollars, ICD’s shareholders include the IsDB, 56 Islamic countries, and five public financial institutions.
