(RAWBANK) – Rawbank, a leading bank in the Democratic Republic of Congo (DRC), announces the signing in Nassau, Bahamas, of an agreement for a $100 million trade financing facility with the African Import Bank. export (Afreximbank). This agreement aims to help Rawbank increase trade flows to and from the DRC.
This facility, the largest ever granted by Afreximbank to a commercial bank in the DRC, is also expected to help reduce pressure on the country’s balance of payments by using the trade financing instrument offered by the Trade Finance Facility program. of Afreximbank (AFTRAF). It will also create business opportunities for Rawbank and its clients while supporting the economic development of the DRC.
Speaking at the signing ceremony held as part of the Afreximbank Annual Meetings (AAM2024), Haytham Elmaayergi, Executive Vice President, Global Trade Bank, Afreximbankhighlighted the contribution of the facility to supporting the economic development of the DRC. “We are very pleased to deploy this important facility in the DRC to support such a strategic partner as Rawbank,” said Mr. Elmaayergi. “Our partnership with Rawbank will be further strengthened to support economic development in the DRC. Our synergies can only contribute to building the Africa we want by unlocking the full potential of intra-African and global trade for the benefit of our populations.”
He said AFTRAF was structured to provide trade confirmation services, trade confirmation guarantees and irrevocable repayment commitments to customers, adding that it was designed to counter the recurring trend of reduction or withdrawal commercial lines granted to African banks by international banks following the risk mitigation process.
Didier Tilman, vice-president of business development, Rawbankcommented on the agreement signing ceremony: “Today marks an important milestone for Rawbank and for the Democratic Republic of Congo. This agreement with Afreximbank represents not only a substantial injection of capital into our trade finance capabilities, but also a testament to the confidence placed in Rawbank as a as a key player in stimulating economic growth and facilitating trade in the region.”
AAM2024, which is combined with the third Africa and Caribbean Trade and Investment Forum (ACTIF2024), concluded on June 15.
ABOUT AFREXIMBANK
The African Export-Import Bank (Afreximbank) is a pan-African multilateral financial institution responsible for financing and promoting intra- and extra-African trade. For 30 years, the Bank has deployed innovative structures to provide financing solutions that support the transformation of the structure of African trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A strong supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank launched a Pan African Payment and Settlement System (PAPSS) which was adopted by the African Union (AU) as a payment and settlement platform for support the implementation of the AfCFTA. In collaboration with the AfCFTA Secretariat and the AU, the Bank is establishing a $10 billion adjustment fund to support countries that are effectively participating in the AfCFTA. As of the end of December 2023, Afreximbank’s total assets and collateral stood at over US$37.3 billion, and its shareholder funds stood at US$6.1 billion. . Afreximbank is rated by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has become a group consisting of the Bank, its impact fund subsidiary called Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank’s headquarters is in Cairo, Egypt.
For more information, see: www.afreximbank.com
ABOUT RAWBANK
For 20 years, Rawbank has supported the development of the Congolese economy. It offers the most modern products and services to its 500,000+ Corporate, SME and Individual customers through a network of 100 points of sale in 19 provinces of the country, notably Grand Katanga, Grand Kasaï, the two Kivus, Ecuador and Kongo Central. In addition to this vast network of agencies, there is a representative office in Brussels and 300 ATMs. With more than 1,800 employees, Rawbank holds more than 30% market share. Solidity, profitability and sustainability are Rawbank’s priorities to consolidate its growth strategy. Its action is rewarded with the African Bankers Award 2022 and 2024 for the best regional bank in Central Africa, a Moody’s CAA 1 rating, ISO/IEC 20000 and ISO/IEC 27001 certifications. The partners who trust RAWBANK are among others: IFC, ADB, TDB, BADEA, Shelter Africa, AGF, etc.
