Emmanuel Ochayi
In a move that holds promise for the future of trade and economic relations between China and Africa, the African Export-Import Bank (Afreximbank) and the Export-Import Bank of China (CEXIM) have joined forces in a $600 million partnership.
The agreement, graced by CEXIM President Shengjun Ren and Afreximbank President Benedict Oramah, is expected to breathe life into trade and economic ties between Africa and China, thereby fostering financial cooperation across the African continent.
Afreximbank’s President, Benedict Oramah, underscored the growing synergy between China and Africa, highlighting how the Belt and Road Initiative (BRI) offers a roadmap for policy enhancement, trade infrastructure, financial connectivity, and people-to-people exchanges.
He affirmed Afreximbank’s commitment to harnessing financial resources to elevate Africa’s economic landscape and noted that this facility would play a role in catalyzing trade financing and facilitating the flow of goods, capital, and technology between Africa and China.
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Oramah also reiterated Afreximbank’s dedication to its sixth Strategic Plan (2022-2026), with a focus on expanding its role in Africa’s trade finance and seeking collaborative opportunities across the continent.
On the other side, President of CEXIM hailed the agreement as a concrete stride toward fulfilling CEXIM’s responsibilities in promoting high-quality Belt and Road Initiative cooperation and aligning with the China-Africa cooperation framework. He emphasized that the loan agreement exemplifies CEXIM’s commitment to third-party market cooperation.
Both Afreximbank and CEXIM see this agreement as a springboard for enhanced cooperation in various domains, encompassing credit business, equity investment, capital market operations, trade finance, personnel exchange, and knowledge sharing.
Together, their collaborative efforts aim to make contributions to China-Africa economic cooperation, bolster bilateral trade, and foster sustainable economic and social development across African nations.
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