During the 2024 Islamic Development Bank [IsDB] Group Annual Meetings and Golden Jubilee, the African Export-Import Bank [Afreximbank] secured a $250 million financing deal with the International Islamic Trade Finance Corporation [ITFC] and a $100 million agreement with the Islamic Corporation for Development of the Private Sector [ICD]. These deals will bolster trade and project support across Africa.
The ICD funding will enhance Afreximbank’s ability to support private sector enterprises that significantly impact development in member states. In contrast, the ITFC facility will augment Afreximbank’s trade finance services with a Compliant Syndicated trade financing line.
As participants in the Arab Africa Trade Bridges [AATB] Programme, Afreximbank, ITFC, and ICD aim to foster south-to-south trade between African and Arab nations, promoting socio-economic growth and sustainable development. This collaboration will help Afreximbank fulfil its mission to encourage industrialization, export development, and the full implementation of the African Continent Free Trade Area [AfCFTA].
Prof. Oramah, President and Chairman of Afreximbank, expressed gratitude to Eng. Hani Salem Sonbol and the teams at ITFC and ICD for their ongoing partnership, emphasizing the importance of these agreements in advancing Africa’s integration agenda.
