Afreximbank ecic unveil 1 billion financing pact for trade expansion

African Export-Import Bank (Afreximbank) and the Export-Import Bank of China (ECIC) have signed a $1 billion financing agreement to support trade expansion between Africa and China.

The agreement was signed on the sidelines of the Forum on China-Africa Cooperation (FOCAC) in Beijing, China. The pact aims to promote trade and economic cooperation between Africa and China, and to support the development of African economies.

Under the agreement, Afreximbank will provide financing to African companies and governments for the import of Chinese goods and services, while ECIC will provide financing to Chinese companies and governments for the export of goods and services to Africa.

The agreement is expected to support the growth of intra-African trade, as well as trade between Africa and China. It will also help to promote economic cooperation and integration between Africa and China, and to support the development of African economies.

The agreement is a significant step forward in the cooperation between Afreximbank and ECIC, and it demonstrates the commitment of both institutions to promoting trade and economic cooperation between Africa and China.

The agreement is also expected to support the implementation of the African Continental Free Trade Area (AfCFTA), which aims to create a single market for goods and services across Africa. The AfCFTA is expected to boost intra-African trade and economic integration, and to promote economic growth and development in Africa.

Overall, the agreement between Afreximbank and ECIC is a significant step forward in promoting trade and economic cooperation between Africa and China, and it is expected to have a positive impact on the economies of both regions.