Trade Finance |

Trade Finance | Afreximbank Vows $1 Billion for Ivory Coast Cocoa Projects

Abidjan, Ivory Coast, Capital Markets in Africa: African Export-Import Bank said it will provide as much as $1 billion in finance for cocoa and cashew projects in Ivory Coast as the country seeks to increase its domestic processing capacity. The bank is offering loans to private investors and projects owned by the state, which will also guarantee the finance, Benedict Oramah, chief executive officer of the Cairo-based lender known as Afreximbank, told reporters in the commercial capital,…

Nigeria Records First Trade Deficit in at Least Seven Years

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria recorded its first quarterly trade deficit in at least seven years in the three months through March as exports of crude oil dropped, adding to the nation’s economic distress. The trade balance of Africa’s largest economy swung to a deficit of 184.1 billion naira ($925 million) from a revised surplus of 364.6 billion naira in the previous quarter, the Abuja-based National Bureau of Statistics said in an e-mailed statement on Tuesday….

Trade | U.S. Eyes Next Step in Africa Trade Relations, Froman Says

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LAGOS, Nigeria, Capital Markets in Africa: The year after President Barack Obama extended African nations’ preferential access to U.S. markets by a decade, his administration is re-evaluating its trade relations with the world’s poorest continent. “It’s time to start looking at what comes next,” U.S. Trade Representative Michael Froman said in an interview in Kigali, Rwanda’s capital, where the World Economic Forum is holding its annual Africa summit. “Part of what motivates us is that we are hearing…

IFC Supports Rwandan Beverage Industry and Maize Farmers through Investment in Bralirwa

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Kigali, Rwanda (Capital Markets in Africa), — IFC, a member of the World Bank Group, today announced a new financing transaction with Brasserie et Limonaderies du Rwanda to support plans for expanding production of soft drinks and sourcing of maize from local farmers. Known as Bralirwa, the subsidiary of Heineken N.V. is Rwanda’s leading manufacturer of beers and soft drinks, including the Primus and Coca-Cola brands. The $25 million loan from IFC aims to promote…

Africa Finance Corporation receives US$50 million from the Islamic Development Bank for project financing

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LAGOS, Nigeria (Capital Markets in Africa) — Africa Finance Corporation (AFC) is pleased to announce its acceptance of a US$50 million 15 year line of financing, with a 13 year six month repayment period, from the Islamic Development Bank (IDB). The funds will be used to finance projects located across the numerous African IDB member countries. The projects will be structured in a way that is compliant with Islamic Finance, focusing particularly on infrastructural and agricultural…

IFC Supports Afriland to Provide Trade Finance Guarantees to Corporates in Cameroon

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Douala, Cameroon (Capital Markets in Africa) —IFC, a member of the World Bank Group, has signed an agreement with Afriland First Bank Cameroon (“Afriland”), to enable it to expand its trade finance operations and extend more services to small and medium enterprises and corporate clients in Cameroon. The risk-mitigating scheme will provide guarantees to local importers and exporters that alleviate trade lines limitations and related constraints within the banking community. A breakthrough initiative towards a privately-owned Cameroonian…

Nigeria-China Trade Volume Rises to USD 23.5bn

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Lagos, Nigeria (Capita Markets in Africa):- Nigeria’s bilateral trade with the Peoples’ Republic of China has risen to about USD 23.5bn from a mere USD 3.4bn in 2009, according to the Nigeria-China Business Council (NCBC) and reported by ThisDay Live Nigeria. The NCBC told reporters that over the years, it has managed to help nurture bilateral trade relations between Nigeria and China and in the process grow trade between the countries more than five-fold. It…

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