Afreximbank signs agreement for US$100-million trade finance facility to Democratic Republic of Congo’s Rawbank
The facility is also expected to help reduce pressure on the country’s balance of payments using the trade finance instrument offered by the Afreximbank Trade Finance Facility (AFTRAF) programme
NASSAU, The Bahamas, June 14, 2024/ — African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has signed an agreement for a US$100-million trade finance facility in favour of Rawbank to assist the Bank increase trade flows into and out of the Democratic Republic of Congo (DRC).
The facility, the largest trade finance facility ever provided by Afreximbank to a commercial bank in the DRC, is also expected to help reduce pressure on the country’s balance of payments using the trade finance instrument offered by the Afreximbank Trade Finance Facility (AFTRAF) programme. It will also create business opportunities for Rawbank and its clients while supporting the economic development of the DRC.
Speaking during the signing ceremony held as part of the ongoing Afreximbank Annual Meetings (AAM2024), Haytham Elmaayergi, Executive Vice President, Global Trade Bank, Afreximbank, highlighted the contribution the facility would make in supporting economic development in the DRC.
“We are very pleased to deploy this important facility in the DRC to support such a strategic partner as Rawbank,” said Mr. Elmaayergi. “Our partnership with Rawbank will be further strengthened to support economic development in the DRC. Our synergies can only help to build the Africa we want by unleashing the full potential of intra-African and global trade for the benefit of our people.”
He noted that AFTRAF was structured to provide trade confirmation services, trade confirmation guarantees and irrevocable reimbursement undertakings to clients, adding that it was designed to counter the recurring trend of reduction or withdrawal of trade lines to African banks by the international banks following the de-risking process.
Commenting during the deal signing ceremony, Didier Tilman, Vice-President, Business Development, for Rawbank noted: “Today marks a significant milestone for Rawbank and for the Democratic Republic of Congo. This agreement with Afreximbank represents not only a substantial injection of capital into our trade finance capabilities but also a testament to the confidence placed in Rawbank as a key player in driving economic growth and facilitating trade in the region”
AAM2024, happening concurrently with the third Africaribbean Trade and Investment Forum (ACTIF2024), will end on 15 June.
Distributed by APO Group on behalf of Afreximbank.
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About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2023, Afreximbank’s total assets and guarantees stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.
For more information, visit: www.Afreximbank.com
About Rawbank:
Rawbank has been supporting the development of the Congolese economy for 20 years. It offers the most modern products and services to its 500,000+ corporate, SME and individual customers through a network of 100 outlets in 19 of the country’s provinces, including Greater Katanga, Greater Kasai, the two Kivus, Equateur and Central Kongo. This vast network of branches is complemented by a representative office in Brussels and 300 ATMs. With over 1,800 employees, Rawbank has a market share of over 30%. Strength, profitability and sustainability are Rawbank’s priorities in consolidating its growth strategy. Its efforts have been rewarded with the African Bankers Award 2022 and 2024 for the best regional bank in Central Africa, a Moody’s CAA 1 rating, and ISO/IEC 20000 and ISO/IEC 27001 certifications. RAWBANK’s partners include IFC, BAD, TDB, BADEA, Shelter Africa, AGF, etc.
SOURCE
Afreximbank