Afreximbank Presents New Trade Facilitation Programme to Guinean Banks

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Some of the roadshow participants in a group photograph

The African Export-Import Bank (Afreximbank) has taken its recently-introduced Afreximbank Trade Facilitation Programme (AFTRAF) to Guinean banks, telling representatives of the Guinean banking sector that the programme will lead to improved support from Afreximbank.

 

Speaking during an interactive session in Conakry, the Afreximbank delegation said that AFTRAF would allow the Bank to increase its intervention capability, expand correspondent banking relationships and improve trade operations.

Ismael Kamara, Manager in Trade Finance, said that the local banks could use the confirmation guarantee facility to expand their correspondent banking relationships, adding that Afreximbank would ensure that the pricing for the programme was competitive.

AFTRAF, which is structured to enhance confidence of counterparties in the settlement of international trade transactions, support intra-African trade and facilitate purchase of equipment for production of export goods, was developed by Afreximbank in response to the increasing de-risking of African banks due to stringent compliance and regulatory requirements imposed by international banks.

The roadshow is part of a strategy to allow Afreximbank expand its coverage of Africa and to onboard Guinean banks to AFTRAF.

A similar roadshow was held in Dakar and others are planned for several other African countries.

Participating in the roadshow were Société Generate de Banques en Guinée, Banque Nationale de Guinée, Banque Islamique de Guinée, Banque Sahélo-Saharienne pour l’Investissement et le Commerce, Ecobank–Guinée, Banque de Développement de Guinée S.A., and FiBank-Guinea.

In addition to Mr. Kamara, the Afreximbank team included Okechukwu Ihejirika, Senior Manager in the Banking Operations Department; Fatma Bao, Manager, Guarantees and Specialised Finance; and Abdalla Rehab of the Client Relations Department.

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About Afreximbank: The African Export-Import Bank (Afreximbank) is the foremost pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade. The Bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors. Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations. Since 1994, it has approved about $60 billion in credit facilities for African businesses, including about $8.5 billion in 2017. Afreximbank had total assets of $11.9 billion as at 31 December 2017 and is rated BBB+ (GCR), Baa1 (Moody’s), and BBB- (Fitch). The Bank is headquartered in Cairo. For more information, visit: www.afreximbank.com

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