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Thursday, 07 December 2017

European Investment Bank Grants €100m Credit Line to Afreximbank

European Investment Bank (EIB), has granted the African Export-Import Bank (Afreximbank), a line of credit agreement amounting to €100 million. The agreement took place last week in Abidjan, Côte d'Ivoire, on the sidelines of the African Union-European Union Summit. The facility is aimed at financing trade-related long-term productive investments by private sector entities, or commercially operated public sector entities in Afreximbank member countries that are also signatories to the Cotonou Agreement. The seven-year loan will finance trade-related investments and projects in Africa, with particular emphasis on small and medium-sized enterprises (SMEs) engaged in export manufacturing. It is expected to enhance intra-African trade, Africa's value-added exports, as well as trade with the European Union, thereby strengthening trade as a key driver of economic growth and competitiveness. President of Afreximbank, Dr Benedict Oramah, said: "The facility agreement will add strong impetus to our drive for expanded intra-African trade and for the promotion of industrialisation and export manufacturing across Africa.

Source: All Africa