CDB, Afreximbank sign $500m deal to boost Africa's infrastructure

China Development Bank (CDB) and the African Export-Import Bank (Afreximbank) have signed a $500 million facility to boost infrastructure projects across Africa. The facility will also be used to support Afreximbank's trade finance intermediaries to provide medium to long term financing for sub-projects in various sectors, including energy, telecommunication, transportation, agriculture, medical sector, industrial park or any related trade finance transactions. The facility carries a ten-year tenor.