Chinese Development Bank Provides Afreximbank

Afreximbank has just benefited from a $ 500 million credit facility from the China Development Bank (CBD).
The agreement was initialed last week on the sidelines of the Sino-African Forum by Benedict Oramah, president of Afreximbank and Zheng Zhijie Liu, vice president and president in Changsha, capital of Hunan Province, China.
This support will be used to help Afreximbank trade finance intermediaries provide medium and long-term financing for sub-projects in various sectors, including energy, telecommunications, transport and agriculture.
According to the president of Afreximbank, this collaboration strengthens the ability of the pan-African institution to fulfill its mandate and the two institutions to achieve significant development results in Africa.
This facility will help promote South-South trade, particularly between China and Africa, while providing long-term financing that Afreximbank would transfer to its customers.
For his part, Zheng Zhijie pointed out that as a development finance institution of the Chinese government, the CBD has always promoted China-Africa cooperation at the center of its international activities.
Since 2006, the bank has provided more than $ 50 billion for nearly 500 projects in 43 countries.
These funds have been used to finance a large number of key projects in the areas of infrastructure, energy and minerals, telecommunications, agriculture, etc.