In an attempt to boost trade, Germany’s export credit agency Euler Hermes has signed a cooperation agreement with the African Export-Import Bank (Afrexim).

Although the 50 countries of Sub-Saharan Africa are some of the fastest growing economies in the world, the region contributes to less than 2% to the world economy. However, while total German exports have grown by approximately 7% since 2006, exports in particular to Sub-Saharan Africa have increased by more than twice that amount.

Last year Germany’s government export business with Sub-Saharan Africa totalled more than €1bn, Euler Hermes says in a statement.

“We expect that demand for export credit guarantees for business with Sub-Saharan Africa will continue to rise,” says Andreas Klasen, managing director of PWC – the firm managing the federal export credit guarantee scheme with Euler Hermes.

“In 2011 the volume of cover for this region rose by more than 25% to €2.07bn. Projects in infrastructure, like energy supply, are essential for the further development of African countries. Afreximbank knows the local situation very well and now it will be easier for German exporters to profit from this knowledge,” Klasen tells GTR.