The African Export-Import Bank (Afreximbank) has opened credit lines amounting to $800 million in 55 banks across Africa to facilitate the confirmation of letters of credit to support intra-African trade.
Mr Obi Emekekwue, the bank’s Director and Global Head, Communications and Events Management Department, said that under the strategy launched in 2016, about $25 billion would be disbursed in support of intra-African trade during the five years ending in 2021.
He explained that the bank’s President, Dr Benedict Oramah, disclosed the strategy at the signing of African Continental Free Trade Area (AfCFTA) agreement in Kigali.
Oramah said that under the strategy launched in 2016, about $25 billion would be disbursed in support of intra-African trade during the five years ending in 2021.
He said the bank’s goal was to extend such lines to at least 500 banks in all African…
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