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State-funded China Development Bank (CDB) has signed a development-focused agreement to provide the African Export-Import Bank (Afreximbank) with a $400 million term loan facility.
Afreximbank will deploy the facility to support African small and medium-sized enterprises (SMEs) involved in extra- and intra-African trade and those engaged in the productive sectors in Afreximbank member states.
The facility, which has a seven-year tenor, will be deployed either directly to eligible African SMEs that meet the requirements or indirectly through local financial intermediaries, Afreximbank said in a statement.
Benedict Oramah, President and Chairman of Afreximbank, said that African SMEs continue to struggle to access adequate and affordable financing for growing their businesses.
“The facility further strengthens the strategic partnership we have developed with the CDB over the last six years, which has seen it make three previous interventions in support of our work at Afreximbank,” he added.
Writing by P Deol; Editing by Anoop Menon)
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