Afreximbank and ITFC sanctioned a US$250 million finance facility to Aid Africa

The recent news says, African Export-Import Bank (Afreximbank) and the International Islamic Trade Finance Corporation (ITFC) together endorsed a US$250 million facility with an agenda to facilitate funding for the bank to propel an advanced acquisition of Covid-19 vaccines and lead a trade-led economy. The aforesaid agreement took place between Prof. Benedict Oramah, President of Afreximbank, and Eng. Hani Salem Sonbol, CEO ITFC during the authority visit of Prof. Oramah and the Afreximbank representatives to the ITFC Headquarters in Jeddah.

This facility by ITFC will help Afreximbank’s COVID-19 response program geared up for nations in which these organizations operate their activities, securing crucial goods for the improved health of the local populaces, and empowering a swifter return to the economic activity. Plus, the innovative step will also help improve the bank’s capacity to facilitate trade finance instruments while they are of the absolute need for the continent’s export improvement and industrialization. 



Additionally, this arrangement also expands Afreximbank’s cooperation with ITFC, the popular trade finance solution provider for OIC participating nations, with both the organizations operating to advance trade cooperation and highlight the advantages of South-South cooperation. The improvement of regional trade cooperation and reincorporation of trade between African and Arab countries strive for vital economic opportunities and stay a strategic agenda of both parties.

Originally Posted: https://www.pressroom.biz/@ngulminthang/afreximbank-and-itfc-sanctioned-a-us-250-million-finance-facility-to-aid-africa-w3d7pnnpp7k5

Comments

Post a Comment

Popular posts from this blog

KredX collaborates with Tradewind Finance to deliver comprehensive export and supply chain financing

Image
Bengaluru (Karnataka) [India], June 3 (ANI/NewsVoir): Continuing its efforts to empower businesses with fast digital and affordable access to liquidity, KredX, India's largest supply chain finance platform, today announced its collaboration with Tradewind Finance, a global financial solutions company to corroborate enhanced export and supply chain financing solutions for business corporates. This collaboration will focus on providing financing to KredX's customers for their international business, exports and imports, at competitive rates by leveraging KredX's platform and financing capabilities of both the companies. In November 2021, KredX received an "In-principle" approval by IFSCA to offer a platform for Indian companies to transact and raise financing for their exports and imports. This allows KredX to extend its expertise in offering a world-class transaction platform and offer financing solutions to its existing customer base as it continues to add new one...
Read more

Future of Banking and Financial Services: 2020

Image
The world of banking and financial services has changed drastically over the past few years. The rise of technological innovation in banking and fintech sector has changed the way banking software companies have been operating. There has been a rush of cryptocurrencies powered by Blockchain, along with the AI automation that has disrupted the banking and financial space for better. It is not tough to say that we have entered into a new era of high-end banking services with improved security, safety, and trust in online transactions, greater than ever before. There are over 94% of consumers, who want to complete transactions online. This has just ensured the reformed trust in banking software companies for financial product development for feature-rich banking applications. This blog will encompass the futuristic trends in Banking and Financial Services for the year 2020. Let’s have a look: 1. FinTech will drive the new business model For a long time now, new market entrants are finding...
Read more

Tradeteq Joins Hands With XinFin Group on Trade Finance NFT

Image
 As per the latest reports, Tradeteq, a technology service provider for trade finance asset distribution has completed its most-talked world’s first trade finance-based non-fungible token (NFT) transaction, on Singapore-based eXchange inFinite’s (XinFin) XDC network. This aforesaid new transaction took place with Accelerated Payments, a Dublin-headquartered invoice finance company as the asset originator. During executing the transaction, the trade finance assets were transformed into NFTs by leveraging the XDC network’s blockchain technology. This enables the institutional financial backers to purchase and sell the tokens that demonstrate the value of an off-chain asset as well as provides the token holders with the lawful entitlement. Accelerated Payments Founder and CEO Ian Duffy said in the report, “The joint effort between XinFin, Tradeteq, and Accelerated Payments ensures a complete & transparent chain from investors to the beneficiary of funding with reliability and liqu...
Read more