African Export-Import Bank (Afreximbank) has signed an agreement for a US$100-million trade finance facility in favour of Rawbank to assist the Bank increase trade flows into and out of the Democratic Republic of Congo (DRC).
The facility, the largest trade finance facility ever provided by Afreximbank to a commercial bank in the DRC, is also expected to help reduce pressure on the country’s balance of payments using the trade finance instrument offered by the Afreximbank Trade Finance Facility (AFTRAF) programme. It will also create business opportunities for Rawbank and its clients while supporting the economic development of the DRC.
Speaking during the signing ceremony held as part of the ongoing Afreximbank Annual Meetings (AAM2024), Haytham Elmaayergi, Executive Vice President, Global Trade Bank, Afreximbank, highlighted the contribution the facility would make in supporting economic development in the DRC.
“We are very pleased to deploy this important facility in the DRC to support such a strategic partner as Rawbank,” said Mr. Elmaayergi. “Our partnership with Rawbank will be further strengthened to support economic development in the DRC. Our synergies can only help to build the Africa we want by unleashing the full potential of intra-African and global trade for the benefit of our people.”
He noted that AFTRAF was structured to provide trade confirmation services, trade confirmation guarantees and irrevocable reimbursement undertakings to clients, adding that it was designed to counter the recurring trend of reduction or withdrawal of trade lines to African banks by the international banks following the de-risking process.
Commenting during the deal signing ceremony, Didier Tilman, Vice-President, Business Development, for Rawbank noted: “Today marks a significant milestone for Rawbank and for the Democratic Republic of Congo. This agreement with Afreximbank represents not only a substantial injection of capital into our trade finance capabilities but also a testament to the confidence placed in Rawbank as a key player in driving economic growth and facilitating trade in the region”
AAM2024, happening concurrently with the third Africaribbean Trade and Investment Forum (ACTIF2024), will end on 15 June.
