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African Development Bank grants $450M trade finance package to Afreximbank

The board of the African Development Bank approved a trade finance package of $450 million to expand the African Export-Import Banks risk-bearing capacity and support more trade in Africa's local financial institutions and corporations.

The facility, expected to provide financing to over 100 financial institutions and corporates and support trade worth $2.8 billion in Africa over a four-year period, will comprise a $150 million three-year unfunded risk participation agreement and a $300 million four-year trade finance line of credit. It is expected to contribute to "macroeconomic resilience" in at least 28 countries.