The African Export-Import Bank (Afreximbank) has entered into a memorandum of understanding (MoU) with the KwaZulu-Natal province to co-invest in opportunities to enhance development, trade and investment.
As part of the MoU, Afreximbank will channel funding to finance certain infrastructure projects in the province.
The collaboration between the KwaZulu-Natal government and Afreximbank is expected to facilitate sustainable economic growth and development.
KwaZulu-Natal Premier Sihle Zikalala on May 27 said the signing of the MoU would open up opportunities for the private and public sectors to increase trade across the continent.
“We welcome this opportunity to work closely with the Afreximbank, which will see our State-owned enterprises improving their capacity to move into the rest of Africa to invest and to seek and strengthen partnerships," he added.
He pointed out that the bank would work with entities such as the Dube TradePort, the Richard’s Bay Industrial Park and the Port of Durban, for promotion and establishment of similar developments in other parts of the continent.