Pan-African African Export-Import Bank (Afreximbank) and Morocco have inked an MoU to launch a USD 1 bn trade and investment program to boost trade financing in Africa, according to a press release. The bank will collaborate with Morocco’s Economy and Finance Ministry, as well as other ministry departments and economic operators, under the program, the press release said.

What will the cooperation entail? The program will see cooperation on financing, as well as promoting intra- and extra-African trade by introducing credit, risk bearing and trade information and advisory services, the press release added. The program will also offer help for trade engagements, missions, exchange of information and capacity building.

This is the latest in a series of measures Afreximbank has taken recently to boost trade finance on the continent: Afreximbank previously inked an MoU with the UAE Trade Center to promote its Tradar Club solution, which aims to facilitate trade and investments in Africa for businesses by providing trade information, digital resources, advisory support, and networking prospects. It also launched AFREXInsure to provide specialty ins. services to boost trade within the continent.

Tags: