A multimillion-dollar development-focused agreement has been signed in Cairo, Egypt, between the China Development Bank and the African Export-Import Bank (Afreximbank) to provide Afreximbank with a $400-million term loan facility to support the financing of small and medium-sized enterprises (SMEs) across Africa.
The agreement, signed by Tan Jiong, president of the CDB, and Professor Benedict Oramah, president and chairperson of the board of directors of Afreximbank, at the Afreximbank headquarters in Cairo, provides for Afreximbank to deploy the facility to support African SMEs involved in extra- and intra-African trade and those engaged in the productive sectors in Afreximbank member states.
According to the agreement, the facility, which has a seven-year tenor, will be deployed either directly to eligible African SMEs that meet Afreximbank’s requirements or indirectly through local financial intermediaries.
Source: MSN
