By Emmanuel Nduka
African Export and Import Bank (Afreximbank) has signed a significant $443million facility agreement with Angola’s Etu Energias.
The deal struck on Thursday at the ongoing Afreximbank Annual Meetings (AAM) 2024 in Nassau, The Bahamas, is expected to pave way for the local acquisition of strategic petroleum assets in Angola, and mark a major step forward in boosting Angola’s energy sector.
The deal was formalised by Edson Dos Santos, CEO of Etu Energias, and Haytham Elmaayergi, EVP Global Trade Bank, Afreximbank.
Still on Day One of the AAM, Afreximbank signed two facility agreements totalling $80million with CBZ Bank Zimbabwe.
The first is an uncommitted facility for $60million to confirm trade instruments issued by CBZ Bank Zimbabwe, while the second, a $20million facility, will support on-lending to corporate clients and SMEs for essential trade finance activities, including procurement of raw materials and supply chain business activities.
The agreements were signed by Smangele Mandidi, Acting Managing Director of CBZ Bank, and Haytham Elmaayergi, Executive Vice President of Global Trade Bank at Afreximbank.
Heritage Times HT reports that these facilities are poised to enhance trade finance in Zimbabwe and support economic growth by empowering SMEs and corporate clients.
The Democratic Republic of Congo (DRC) also got a lucrative deal from Afreximbank, after the bank signed a $100million trade finance facility agreement with Rawbank, marking the largest of its kind in the DRC.
The partnership is expected to strengthen trade finance and support economic growth in Africa.
The deal was signed by Didier Tilman, VP Business Development Rawbank, and Haytham Elmaayergi, EVP Global Trade Bank, Afreximbank.
The deal is primed to be a major step towards countering the reduction of trade lines to African banks by international banks.
