Afreximbank, KEXIM seal $100m Africa trade pact

President, AfreximBank, Dr. Benedict Oramah

President, AfreximBank, Dr. Benedict Oramah

The volume of trade deals between African countries and the South Korea would soon record increased numbers courtesy of a $100 million deal sealed in Seoul, on wednesday.

Specifically targeted at export and import transactions between the continent’s economies and the Asian country, the African Export-Import Bank (Afreximbank) and the Export-Import Bank of Korea (KEXIM) have entered into a Memorandum of Understanding (MoU).

KEXIM was established in 1976, to support South Korea’s export-led economy by providing loans and financing mega projects, thereby facilitating economic cooperation with other countries and regions.

In 2015, Africa’s imports from South Korea stood at approximately $9.8 billion compared to $13 billion in 2014, while the continent’s exports to South Korea amounted to $5.8 billion in 2015 and $7.9 billion in 2014.

Under the terms of the MoU signed by Afreximbank’s President, Dr. Benedict Oramah, and his KEXIM counterpart, Dr. Lee Duk-Hoon, the Asian bank will make available a credit line of up to $100 million to Afreximbank.

The credit will support trade transactions between South Korea and the African continent as part of a commitment by the two institutions to cooperate in matters of common interest.

No Comments yet