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A US$100 million trade finance facility deal has been sealed in Nassau, Bahamas between the African Export-Import Bank (Afreximbank) and Rawbank.
The bank says that funds would increase trade flows into and out of the Democratic Republic of Congo (DRC).
Read more: Afreximbank reports 74.2% rise in gross revenue, as 2023 figures hit $2.6 billion
This is expected to help reduce pressure on the country’s balance of payments using the trade finance instrument offered by Afreximbank Trade Finance Facility (AFTRAF) programme.
Additionally, the financing facility would also create business opportunities for Rawbank and its clients while supporting the economic development of the DRC.
Speaking during the signing ceremony at the ongoing Afreximbank Annual Meetings (AAM2024), Haytham Elmaayergi, Executive Vice President, Global Trade Bank, spoke on the contribution the facility would make in supporting economic development in the DRC.
“We are very pleased to deploy this important facility in the DRC to support such a strategic partner as Rawbank.
“Our partnership with Rawbank will be further strengthened to support economic development in the DRC,”
Elmaayergi said.
He said synergies can only help to build the Africa “we want” by unleashing the full potential of intra-African and global trade for the benefit of our people.
He noted that AFTRAF was structured to provide trade confirmation services, trade confirmation guarantees and irrevocable reimbursement undertakings to clients.
Elmaayergi added that it was designed to counter the recurring trend of reduction or withdrawal of trade lines to African banks by the international banks following the de-risking process.
Commenting on the deal, Didier Tilman, Vice-President, Business Development, for Rawbank noted: “Today marks a significant milestone for Rawbank and for the Democratic Republic of Congo.
Tilman said this agreement with Afreximbank represented not only a substantial injection of capital into our trade finance capabilities but also a testament to the confidence placed in Rawbank as a key player in driving economic growth and facilitating trade in the region
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