The African Export-Import Bank (Afreximbank) has initiated its first–ever intervention in Tunisia with a 50-million Euro Global Trade Facility in favor of Loukil Group of Tunisia.
The signing of the agreement for the global trade facility took place on 25 August while the issuance of the first guarantee under the facility occurred in Cairo on 15 September, according to information released by the African multilateral trade development bank.
Kanayo Awani, Managing Director of Afreximbank’s Intra-African Trade Initiative, said that the facility was granted to Loukil Group as part of Afreximbank’s drive to promote intra-African trade, particularly by supporting Intra-African Trade Champions.
Intra-African Trade Champions, or IntraChamps, are companies with proven intra-African trade experience and operations and with value chains spanning across countries.
The facility was also being granted in the context of Afreximbank’s strategy to strengthen its operations in the North Africa region and to pursue the growth of its Trade Services and Guarantee Programme, added Ms. Awani.
Participating in the ceremony on behalf of Loukil Group were Bassam Loukil, CEO and Chairman of the Tunisia-Africa Business Association; and Walid Loukil, Deputy CEO.
Afreximbank is the foremost pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade. The Bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors.
Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations. Since 1994, it has approved more than $51 billion in credit facilities for African businesses, including about $10.3 billion in 2016. Afreximbank had total assets of $11.7 billion as at 31 December 2016