Afreximbank, JBIC sign $300-Million Export Credit Line Agreement

The African Export-Import Bank (Afreximbank) and the Japan Bank for International Cooperation (JBIC) have signed a general agreement for a $300-million export credit line, which can be availed in US dollars and euros, to support projects in Afreximbank member states.

The credit line, signed in Cairo on 31 May, will enable Afreximbank provide funds for the import of machinery and equipment from Japanese companies and their overseas affiliates to support projects in the Bank’s 51 member countries in Africa.

Demand for machinery and equipment, which are needed for economic development, is expected to continue to expand in Africa and the credit line will support the efforts of Japanese companies and their overseas affiliates to expand exports to the Africa region. It will also help to further strengthen the economic relationship between Japan and Africa.

Speaking during the signing ceremony, Dr. George Elombi, Afreximbank’s Executive Vice President for Governance, Legal and Corporate Services, said that the facility fully aligned with the Bank’s strategy and mandate to support quality growth throughout the continent.

“Through this forged strategic partnership and its shared objectives, we are confident that this relationship will promote Japan-Africa economic cooperation,” he added.

Also speaking, Nobumitsu Hayashi, Deputy Governor of JBIC, said that Africa was a land of opportunities with its diverse cultures and wealth. He added that JBIC had found in Afreximbank a valuable, strong and credible partner to help it with its mission to grow its level of activity in Africa in line with the broader Japan-Africa initiatives being driven by the Japanese government.

JBIC is a Japanese public financial institution and export credit agency created on 1 October 1999 through the merger of the Japan Export-Import Bank and the Overseas Economic Cooperation.