ITFC, Afreximbank sign $100m credit facility

The International Islamic Trade Finance Corporation (ITFC) is to provide a $100 million credit facility to the African Export-Import Bank (Afreximbank) to promote Arab-Africa trade and investments. 

The facility will help finance and derisk trade flows between the Arab and Africa regions, thereby raising the level of trade, which currently stands at about $500 million. It will also help in leveraging other Arabian funds in support of Arab investments in Africa. 

The facility is part of the Afreximbank/ITFC Arab-Africa Trade and Investment Promotion Programme launched by the two organisations about two years ago and is aimed at deepening the partnership between them.