Afrex­im­bank signs $100 mil­lion pact to boost Africa, In­done­sia trade

Financial Nigeria Magazine - - Finance -

The African Ex­port-Im­port Bank (Afrex­im­bank) last month signed an agree­ment with the In­done­sia Ex­im­bank to com­mit up to $100 mil­lion to sup­port busi­nesses and trade ac­tiv­i­ties be­tween In­done­sia and African countries.

The agree­ment, signed on the side­lines of the In­done­sia-Africa Fo­rum, will sup­port African im­ports from In­done­sia and African ex­ports to In­done­sia in or­der to stim­u­late in­creased trade flows be­tween Africa and In­done­sia and spur eco­nomic growth and de­vel­op­ment.

Un­der the terms of the agree­ment, Afrex­im­bank will work with In­done­sia Ex­im­bank in sup­port­ing im­port of cap­i­tal equipment and ser­vices from In­done­sia by African pri­vate sec­tor en­ti­ties through an over­seas fi­nanc­ing ar­range­ment, with In­done­sia Ex­im­bank pro­vid­ing di­rect fi­nanc­ing to African buy­ers of In­done­sian goods and ser­vices on the back of a guar­an­tee pro­vided by Afrex­im­bank.

In­done­sia Ex­im­bank will also pro­vide fi­nanc­ing sup­port to In­done­sian buy­ers of African goods, with Afrex­im­bank act­ing as the Bank of the African ex­porters. In ad­di­tion, In­done­sia Ex­im­bank will sup­port short-term trade trans­ac­tions em­a­nat­ing from African buy­ers of In­done­sian prod­ucts, with guar­an­tee fa­cil­ity pro­vided by Afrex­im­bank.

Newspapers in English

Newspapers from Nigeria

© PressReader. All rights reserved.