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News around Africa - May 29, 2018

Afreximbank announces $2bn trade financing support to Angola

The African Export-Import Bank is arranging up to $2bn trade financing support to Angola, the bank President, Dr. Benedict Oramah, has said.

The bank said in a statement on Tuesday that Oramah made the pledge in Luanda on May 24 during an audience with President João Manuel Gonçalves Lourenço of Angola.

Oramah said that the amount would include various trade financing facilities for essential imports.

The meeting also discussed proposals for $1 billion to be offered under the bank’s Investment Guarantee Refinancing Facility (ICREF) to facilitate private sector investments in industrial and non-oil productive activities.

The facility will also cover export manufacturing, fishing, agri-business and tourism.

The ICREF will be offered through designated banks.

Oramah said that the financing would also support the financial services sector by enabling selected Angolan Banks to issue letters of credit to be confirmed by Afreximbank for the continued importation of essential commodities, including food items and pharmaceuticals.

He also held meetings with Archer Mangueira, the Minister of Finance in Angola and Dr José de Lima Massano, Governor of the Banco Nacional de Angola, to agree on modalities for the implementation of the proposed financing.

The meetings also discussed Angola’s participation in the Intra-African Trade Fair being organized by Afreximbank in Cairo ‪from Dec. 11 to Dec. 17.

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