Afreximbank Signs $100 Million Master Risk Participation Agreement with CDC Group
The Executive Vice President for Business Development and Corporate Banking, African Export-Import Bank (Afreximbank), Amr Kamel, has lauded a $100 million master risk participation agreement the bank signed with CDC Group Plc.
The agreement is to support Afreximbank’s Trade Facilitation Programme and was signed in Casablanca, Morocco. Under the agreement, the CDC Group which is a United Kingdom development finance institution will provide unfunded risk participation to Afreximbank as the Bank provides trade finance products.
The trade finance products include trade confirmation services; trade confirmation guarantee; and irrevocable reimbursement undertakings.
According to Amr, the agreement will support Afreximbank’s trade confirmation services under which the bank provides confirmation lines to African financial institutions to support their trade businesses and increase capacity to undertake trade finance transactions.
The grant would enable the advancement of 20 emerging factoring firms on the continent and increase their financing opportunities.
The agreement was signed on behalf of Afreximbank by the Managing Director of Intra-African Trade, Kanayo Awani, while the Senior Director, Nigeria Country Office, Ebrima FAAL, signed for the AfDB.
The signing was in the presence of Chargé d’Affaires, Embassy of Austria in Nigeria, Elfriede Geisler, and Ambassador of Japan to Nigeria, Yutaka Kikuta, who represented the FAPA donor countries.
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