Afreximbank ecic unveil 1 billion financing pact for trade expansion #

African Export-Import Bank (Afreximbank) and the Export-Import Credit Insurance Corporation (ECIC) have signed a $1 billion financing pact to support trade expansion between Africa and other regions.

The agreement aims to increase trade between Africa and other parts of the world, particularly Asia, Europe, and the Americas. The financing will be used to support the import and export of goods and services, as well as the development of infrastructure and industrial projects.

The pact is expected to benefit African countries by increasing their access to foreign markets, improving their trade balances, and creating jobs. It will also help to promote economic growth and development in Africa by supporting the growth of industries such as manufacturing, agriculture, and services.

The agreement is part of Afreximbank's efforts to promote intra-African trade and to support the implementation of the African Continental Free Trade Area (AfCFTA) agreement. The AfCFTA aims to create a single market for goods and services across Africa, which is expected to increase trade between African countries and promote economic growth and development.

The $1 billion financing pact is a significant step towards achieving these goals, and it is expected to have a positive impact on the economies of African countries.