The Arab Bank for Economic Development in Africa (Badea) has granted a US$50m line of credit to the African Export-Import Bank (Afreximbank) for the financing of trade operations between Arab and African countries.
The line of credit was one of two agreements signed by the two institutions during a visit to the Badea headquarters in Khartoum of an Afreximbank delegation. The second is a memorandum of understanding providing a framework for co-operation in “promoting the economic and social development of African countries through the funding of private sector projects and trade finance operations”, says an Afreximbank statement.
The line of credit, which is part of its programme for financing foreign trade, will target sectors such as energy, industry and agriculture.
