The African Export-Import Bank (Afreximbank) is now able to speed up the process of financing multiple US Ex-Im backed short and medium-term transactions.
Thanks to a newly created facility set up by US Ex-Im, Afreximbank will have the credit capacity to provide up to US$40mn in short to medium-term financings, backed by the agency. The special delegated authority is for one year from the date of board approval and the primary source of repayment will be Afreximbank.
The aim of the facility is to reduce the administrative involvement of US Ex-Im staff in arranging transactions and reduce processing time. In doing so, the programme will serve as a marketing tool to help promote the purchase of US goods and services in Africa.
"US Ex-Im Bank welcomes this opportunity to leverage our resources through Afreximbank on behalf of US-African trade. With the help of Afreximbank, our products will be more accessible in Africa, which we believe will benefit both African buyers and US companies by expanding US exports to sub-Saharan Africa,” comments James Lambright, chairman and president of US Ex-Im.
Afreximbank president Jean-Louis Ekra adds: "This facility provides tremendous opportunity for Afreximbank to support our numerous clients in oil services, aviation, manufacturing, telecommunications and power.
"The doors are now open to our clients to consider the US market as they source raw materials and equipment for export manufacturing, infrastructure and related projects.”
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