The African Export-Import Bank (Afreximbank) and the Export Credit Insurance Corporation of South Africa (ECIC) on Monday, signed a memorandum of understanding for a $1-billion financing programme to promote and expand trade and investments between South Africa and the rest of Africa.
Under the terms of the South Africa–Africa Trade and Investment Promotion Programme (SATIPP), Afreximbank and ECIC will work together to identify, prepare and appraise trade transactions and projects; explore co-financing and risk-sharing opportunities; and share knowledge, with particular emphasis on intra-African trade matters, through technical cooperation, staff exchange, research and joint events.
Benedict Oramah, president of Afreximbank, said that the joint initiative would support businesses through capacity building and market information initiatives and would help small and medium-sized entrepreneurs to join regional supply chains.
Oramah added that it would also provide advisory services and guarantees to South African investors seeking trade and investment opportunities in Afreximbank African member countries.
The signing ceremony also served as a platform to introduce and discuss the Intra-African Trade Fair (IATF) being organised by Afreximbank in Cairo, Egypt, in December 2018.
Kutoane Kutoane, chief executive of ECIC, said: "We realise that one of the best ways to enhance our exporting capabilities as a country is by intensifying mutually beneficial trade with the rest of the continent."