Afreximbank records deals worth about $1b as IATF2023 continues

… Executive Vice President, Awani, elected to FCI EXCOM

Third day of the Intra-African Trade Fair (IATF2023) was concluded with attendees witnessing the signing of financing and other agreements valued in excess of $1billion between the African Export-Import Bank (Afreximbank) and several leading business entities from across the continent.
 
A breakdown of the deals showed that Afreximbank signed a $150-million trade finance facility agreement with United Bank for Africa (UBA) PLC, under the Ukraine Crisis Adjustment Trade Financing Programme for Africa, to be utilized to finance trade and trade-related transactions in support of UBA clients to facilitate increased financing of trade businesses in various sectors of the Nigerian economy to mitigate the adverse effects of the Russia-Ukraine crisis.
 

Also, another facility agreement, for $10 million, was signed with FDH Bank Malawi to support trade finance in Malawi.  Gwen Mwaba, Director, Trade Finance, signed for Afreximbank while George Chitera, Deputy Managing Director, signed for FDH Bank Malawi.
   
In addition, Banque Commerciale du Burundi (BANCOBU) sealed $55 million with the bank.
Under a facility agreement with Banque Commerciale du Burundi (BANCOBU), Afreximbank will provide $55-million trade facilitation limits to BANCOBU to support importation of essential commodities, such as petroleum products, which are important for the Burundi’s trade and manufacturing sector.
 
Global Head, Client Relations, Rene Awambeng signed for Afreximbank while Sylvere Bankimbaga, Deputy Managing Director, signed on behalf of BANCOBU during a ceremony witnessed by Audace Niyonzima, Minister of Finance, Budget and Economic Planning, of Burundi.
 
Afreximbank also signed an agreement under which it will provide a $40-million AFTRAF facility to Banque de Credit de Bujumbura (BCB) to support trade finance in Burundi. Signers were Rene Awambeng, Global Head, Client Relations, for Afreximbank and Roger Guy Ghislain Ntwungeye, Managing Director, for BCB among others.
   
Earlier on the second day of the trade fair, Afreximbank had signed a mandate letter to provide capital raise financial advisory services to the Anambra State Government of Nigeria for an estimated $200-million facility to support the development of three major projects in the state, covering the Ikenga Mixed-Use Industrial City Project, the Anambra Export Emporium and the Akwaihedi Unubi Uga Automotive Industrial Park.
 
The bank also signed an agreement to provide the state government with financial advisory services for the development of operational and governance framework for the Anambra Diaspora Fund, including capital raise financial advisory services for the Anambra Intra-City Rail Master Plan project and the Anambra Diaspora Fund. 
   
Executive Vice President, Intra-African Trade Bank, Kanayo Awani, signed for Afreximbank while Mark Okoye, Chief Executive Officer, Anambra State Investment Promotion and Protection Agency, signed for the state government.
   
In another development, Afreximbank’s Executive Vice President in charge of Intra-African Trade Bank, Mrs. Kanayo Awani, has been elected to the Executive Committee (EXCOM) of FCI, the global representative body for the factoring, invoice financing and asset-based lending industry. Awani was unanimously elected at FCI’s 55th yearly meeting in Marrakech, Morocco on 2nd of November 2023 to represent FCI’s Affiliate Members.
 
Awani, whose candidacy was supported by Afreximbank was selected alongside Ms. Doaa Hafez, General Manager and Head of Technical Functions at Egypt Factors, making this the second time two delegates from Africa are voted into the FCI Executive Committee. Their election strengthens Africa’s position in the world’s leading factoring body and is a recognition of the increasingly important African market.
 
“I’m honoured to contribute in shaping FCI’s strategy for the increasingly important African market; serve as a valuable resource for FCI Members seeking to enter the African market; provide the trust and confidence emerging African Factors require at the early stages of factoring and thereby continue to help boost the overall FCI global influence and membership,” she said.