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 Africa.
The credit line will enable Afreximbank to 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.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.