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African Export-Import Bank (Afreximbank) and Export-Import Bank of China (CEXIM) last month signed a new $600 million agreement. The loan facility is to facilitate and finance the trade and economic cooperation between the member states of Afreximbank and the People’s Republic of China (PRC). The loan will also aid in promoting the financial cooperation between Africa and the PRC.

“It is fortuitous that the signing of this important facility coincides with the 10th anniversary of the Belt and Road Initiative (BRI),” Afreximbank President, Professor Benedict Oramah, said during the meeting and signing ceremony. “This is strong evidence of the rapid growth in cooperation between China and Africa.”

The two sides agreed to take the signing of the agreement as an opportunity to strengthen cooperation in various areas including credit business, equity investment, capital market operations, trade finance, personnel exchange, and knowledge sharing, so as to make positive contributions to China-Africa economic cooperation and trade as well as sustainable economic and social development of African countries.

The facility is expected to help in catalysing trade financing between Africa and the PRC, thereby enhancing flow of goods, capital, and technology.