Thursday, 9 July 2015

News Release: Afriland First Bank To Receive EUR 15 Million Afreximbank Facility For SME Support

Afreximbank President Jean-Louis Ekra (left) and Afriland First Bank Group Chairman Dr. Paul Fokam exchange documents after the signing ceremony in Cairo.

The African Export-Import Bank (Afreximbank)  today signed on to provide a 15-million Euro financing facility to Afriland First Bank’s Côte d’Ivoire subsidiary for the financing of  transactions by SME’s in that country’s key growth sectors.

The signing of the term sheet for the facility was held as part of activities to mark a visit to the Afreximbank Headquarters in Cairo by a delegation of Afriland First Bank Group led by Dr. Paul Fokam, Chairman of the Board of the Group.

The facility would support Afriland First Bank’s clients engaged in the oil and gas, agribusiness and other key sectors by providing them with export development finance and by developing the capacities of local firms to service big international mining groups operating in the country, explained Afreximbank President Jean-Louis Ekra in an address at the ceremony.

Mr. Ekra said that Afreximbank approved the facility in the context of its commitment to transforming African economies by supporting the SME sector while also promoting intra-African trade.

According to him, the approval of the facility reflects Afreximbank’s strong support for financing trade development in key sectors of its member countries and will enable Afriland First Bank to enhance value addition in the Ivorian economy.

 Earlier, the President had commended the Afriland First Bank Group for its commitment to Africa’s development at the continental level and for promoting the African private sector, saying that that approach complimented Afreximbank’s determination to build up the indigenous African private sector

Responding, Dr. Fokam said that the Afriland First Bank Group shared the vision of achieving the transformation of the African economy and changing the continent.

Obi Emekekwue
Afreximbank External Communications

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