The African Export-Import Bank (Afreximbank) concluded on Thursday, June 13, an agreement for a $100 million commercial credit facility with Rawbank, the largest bank in the DRC by total assets. This is the largest loan ever granted by the institution to a Congolese bank
The financing, which will be provided under the Afreximbank Trade Finance Facility program, aims to boost trade flows to and from the Democratic Republic of Congo, and help ease pressure on the country’s balance of payments. At the agreement signing ceremony on the sidelines of the Afreximbank Annual Meetings currently being held in the Bahamas, Haytham Elmaayergiexecutive vice-president of the institution, declared: “We are delighted to deploy this important facility in the DRC to support such a strategic partner as Rawbank.”
The Trade Finance Facility is designed to counter the recurring trend of reduction or withdrawal of commercial lines granted to African banks by international banking majors as part of the risk reduction process. This program provides trade confirmation services, confirmation guarantees and irrevocable refund commitments to customers.
Promotion of intra-African trade
For his part, Didier TilmanVice-President of Rawbank in charge of Business Development, welcomed this partnership with Afreximbank: “This day marks an important milestone for Rawbank and for the DRC. This agreement represents not only a substantial injection of capital into our trade finance capabilities, but also a demonstration of the confidence placed in Rawbank as a major player in economic growth and trade facilitation in the region..”
This credit facility offers new commercial opportunities to the Congolese bank and its clients, while supporting the economic development of the country. It is above all part of the efforts made by Afreximbank to promote intra-African trade and the economic integration of the continent.
By AJ.SEditorial Committee
