provide funds for the bank to advance procurement of COVID-19 vaccines. A statement issued by Afreximbank yesterday said that the agreement was signed between Prof. Benedict Oramah, President of Afreximbank and Mr Hani Sonbol, chief executive officer ITFC in Jeddah, Saudi Arabia.
“The facility will also enhance the bank’s capacity to provide trade finance resources at a time of critical need for the continent’s export development and industrialisation. “The agreement extends Afreximbank’s co-operation with ITFC, the leading provider of trade solutions for the Organisation of Islamic Cooperation member countries, with both organisations working to promote trade cooperation and demonstrate the benefits of South-South cooperation.
“The enhancement of regional trade cooperation and reinforcement of trade between African and Arab nations promises significant economic opportunities and remains a strategic goal of both parties”, it added. It also significantly facilitates Afreximbank’s execution of strategic interventions by promoting employment, increase economic activity and expansion of tax receipts by stimulating economic dynamism.