African Trade - Afrikan Heroes

Afreximbank Gets Global Credit Rating Upgrade

December 7, 2019

The pan African trade finance bank, African Export and Import Bank ( Afreximbank which has been at the forefront of promoting inter and intra African trade across the continent has received a rating upgrade by the Global Credit Rating (GCR). This was made known over the week by the Global Credit Rating which affirms Afreximbank with a long-term international scale rating from BBB+ to A-. GCR also affirmed the Bank’s short-term rating at A2 and the outlook as stable.

In the announcement released in Johannesburg, South Africa, the rating agency said that, in granting the upgrade, it acknowledged Afreximbank’s tenacity and resilience in managing risks in its operating environment, which was generally perceived to be high risk.

“The ratings on Afreximbank balances its significant exposure to high risk operating environments, fairly strong and diverse membership base, demonstrated preferential creditor treatment, strong status within the region and good track record of fulfilling mandate, beyond adequate current levels of capitalisation, strong risk position, stable funding and good liquidity position,” stated GCR.

According to agency, the new rating also captures the Bank’s key strength in structured trade finance which demonstrates its ability to de-risk its lending portfolio through high quality collateral comprising cash, insurance from highly-rated insurers, sovereign backed securities, assignment of receivables (which transfers repayment risk to OECD countries), amongst others.

“This upgrade confirms stakeholders’ deep confidence in Afreximbank’s compelling credit story, which is punctuated by hard work and an innovation culture,” said Afreximbank President Prof. Benedict Oramah, in reaction to the announcement. “Afreximbank is committed to continuing to develop and implement innovative risk management approaches in the management of its lending book and capital.”

Prof. Oramah described the upgrade as a major milestone in the Bank’s history and said that, coming half way into the implementation of the Bank’s current strategic plan, it supported the fulfilment of one of the overarching pillars of that plan, which was financial soundness, by positioning it to leverage competitive financial resources into the Africa.

Apart from enabling the Bank to competitively leverage international capital and having a positive impact on its reputation, the upgrade is expected to aid the Bank in rolling out its non-funded programmes, such as the Afreximbank Guarantee Programme, and to help it promote trade with reduced strain on capital. It will also help position the Bank to play a major role in the development of intra-African trade and in trade between Africa and the rest of the world.

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

D’banj to Partner with IATF2020 to Promote African Trade

November 27, 2019

Nigeria’s multi-talented musical sensation Oladapo Daniel Oyebanjo popularly known as D’banj has said that he will work in partnership with African Export-Import Bank (Afreximbank) and other institutions involved in the organizing of the second Intra-African Trade Fair (IATF2020) scheduled to take place in Kigali in September 2020.

D’banj, who made this known during a courtesy visit to Afreximbank’s headquarters in Cairo, Egypt was a key figure in the inaugural Intra-African Trade Fair (IATF2018) held in Cairo in December 2018 where his panel presentation and special musical performance were among the major highlights. He commended the role of the IATF in opening up opportunities for businesses to trade across borders in Africa.

The artist announced that he had established a creative talent portal called CREAM PLATFORM, which was helping to discover young creative minds by letting them upload their ideas by simply dialing a USSD code on a mobile phone.

The CREAM PLATFORM, which currently had 4.6 million subscribers, had led to the discovery of hundreds of talents from the music category alone, with tens of music videos and millions of Naira given out to winners, he explained.

D’banj, a musician, singer, songwriter, rapper, entrepreneur and television personality, has won a host of music awards, including Best African Act at the MTV Europe Music Awards 2007, Artist of the Year at the MTV Africa Music Awards 2009, Best International Act: Africa at the 2011 BET Awards, and Best-selling African Artist at the 2014 World Music Awards, Evolution award at the 2015 MTV Africa Music awards.

IATF2020, which is being organised by Afreximbank, in collaboration with the African Union, and hosted by the government of Rwanda, will take place from 1 to 7 September 2020. It is expected to attract over 1,000 exhibitors and 5,000 buyers and to generate over $40 billion in business deals.

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

Over $40 billion in Trade Deals, Participants From 55 Countries Expected at Intra African Trade Fair 2020 in Kigali

July 11, 2019

Organizers of the Second Intra-African Trade Fair (IATF2020) have promised that it will surpass the achievements of the inaugural trade fair held in Cairo in 2018 by attracting 10,000 participants and generating intra-African trade and investment deals worth more than $40 billion. This was made known by Prof. Benedict Oramah, President of the African Export-Import Bank (Afreximbank).

Prof. Oramah was speaking at the formal launch of IATF2020 during the African Continental Free Trade Area (AfCFTA) Business Forum 2019 held on the sidelines of the 12th Extraordinary Summit of African Union (AU) Heads of State in Niamey, Niger.

He told guests that the trade fair, scheduled for Kigali from 1 to 7 September 2020, would attract more than 1,100 exhibitors from over 55 countries.

“Working with our esteemed partners, we will exceed the achievements of 2018,” he said, describing IATF2018 as a resounding success, not in the colourful displays exhibited, but in the showcasing of diversity of tradable goods by about 1,100 exhibitors from 45 countries and in the execution of deals worth about $32 billion.

That trade fair resulted in a Nigerian technology company winning a $100-million contract to provide technology-based solutions to the South Sudanese government; an Egyptian company winning contracts in many African countries to supply and install energy generation and distribution equipment worth close to $1 billion; Egyptian and Tunisian companies signing a $50-million partnership deal to create a joint venture for assembling home appliances; and the signing of a $3-billion energy generation project between an Egyptian company and an African government, the largest-ever intra-African project executed exclusively by African entities, including financial institutions, he noted.

“The momentum created by the maiden IATF and the historic launch of the African Continental Free Trade Area (AfCFTA) will sustain the growth of cross-border trade and investments,” he affirmed.

Also speaking, Amb. Albert Muchanga, the AU Commissioner for Trade and Industry, said that the IATF was one of a set of activities planned by the African Union Commission to support the implementation of the AfCFTA. The others included the African Trade Observatory, a portal for real-time information on business opportunities.

Soraya Hakuziyaremye, Minister of Trade and Industry of Rwanda, said that it was important for the African private sector to take advantage of IATF2020 to present and exchange their products and for entrepreneurs to use it to boost their visibility.

The Second Intra-Africa Trade Fair (IATF2020), which will take place in Kigali from 1-7 September 2020, is expected to attract more than 1,100 exhibitors from 55 countries and to provide a platform for sharing trade, investment and market information. It will enable buyers and sellers, investors and countries to meet, discuss and conclude business deals as well as provide an opportunity for exhibitors to showcase their goods and services and to engage in business-to-business exchanges.

The key features include an IATF2020 Conference, a Creative Africa initiative, which will showcase Africa’s creative economy, Country Days dedicated to specific African countries, and an interactive online Virtual Trade Fair.

IATF2020 is being organized by Afreximbank, in collaboration with the African Union, and is hosted by the Government of Rwanda. The event partners are the African Development Bank, United Nations Economic Commission for Africa represented by the Africa Trade Policy Centre; Afrochampions Initiative; Pan African Chamber of Commerce and Industry; World Trade Centre Miami; Export Development Authority of Egypt; and International Islamic Trade Finance Corporation.

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.

Afrikan Heroes

Tag: African Trade

Afreximbank Gets Global Credit Rating Upgrade

D’banj to Partner with IATF2020 to Promote African Trade

Over $40 billion in Trade Deals, Participants From 55 Countries Expected at Intra African Trade Fair 2020 in Kigali

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