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Kampala, Uganda | THE INDEPENDENT | In a significant move aimed at enhancing trade and economic cooperation between African member states and China, Afreximbank and the China Exim Bank signed a loan agreement.
The signing ceremony took place at the CEXIM Headquarters in Beijing on Oct.17, attended by Shengjun Ren, President of CEXIM, and Prof. Benedict Oramah, Afreximbank President and Chairman of the Board of Directors.
The agreement aims to facilitate and finance trade and economic collaboration between Afreximbank member states and China, as well as promote financial cooperation between Africa and the PRC.
During the signing ceremony, Prof. Oramah highlighted the auspicious timing of the facility’s signing, coinciding with the 10th anniversary of the Belt and Road Initiative (BRI).
He underscored the growth in cooperation between China and Africa, noting that the BRI serves as a blueprint for enhancing policy, trade infrastructure, financial links, and people-to-people connectivity.
Prof. Oramah emphasized Afreximbank’s commitment to playing a pivotal role in leveraging financial resources into Africa, facilitating trade financing between Africa and China, and enhancing the flow of goods, capital, and technology.
He also mentioned Afreximbank’s 6th Strategic Plan, covering the period from 2022 to 2026, which aims to broaden the institution’s role in African trade finance and create numerous collaboration opportunities across the continent. Collaborating with partners such as CEXIM, Afreximbank aims to achieve the objectives outlined in its strategy, with a particular focus on supporting China-Africa Cooperation and expanding Africa’s export manufacturing capacity.
Shengjun Ren, President of CEXIM, described the agreement’s signing as a tangible measure demonstrating CEXIM’s commitment to promoting high-quality BRI cooperation and implementing the nine programs outlined in the Forum on China and Africa Cooperation framework. He also highlighted the agreement as an essential example of third-party market cooperation undertaken by CEXIM.
Both institutions committed to seizing the opportunity presented by this agreement to enhance cooperation in various areas, including credit business, equity investment, capital market operations, trade finance, personnel exchange, and knowledge sharing.
Earlier this week, Afreximbank and the Export-Import Bank of China (CEXIM) signed a US$600 million loan to fund loans and trade finance transactions. In the presence of Shengjun Ren, President of CEXIM and Prof. Benedict Oramah, Afreximbank President and Chairman of the Board of… pic.twitter.com/D2tSsOES76
— Afreximbank (@afreximbank) October 20, 2023
