In a bid to foster and promote trade and investment between South Africa and other African countries, The African Export-Import Bank (Afreximbank) and the Export Credit Insurance Corporation of South Africa (ECIC), signed a MoU for a $1-billion financing programme.
Afreximbank and ECIC will collaborate to stimulate trade transactions; explore co-financing and risk-sharing avenues. The main focus will be on intra-African trade issues, all under the terms of the South Africa–Africa Trade and Investment Promotion Programme (SATIPP). At the signing ceremony, the Intra-African Trade Fair (IATF) which is being organised by Afreximbank in Cairo, Egypt, in December 2018, was introduced.
Chief executive of ECIC, Kutoane Kutoane, 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.”
The president of Afreximbank, Benedict Oramah, stated that this partnership would stimulate businesses through capacity building and market information schemes as well as provide help for small and medium scale businesses to join regional supply chains. Also, he added that it would also render advisory services and guarantees to South African investors pursuing trade and investment opportunities in Afreximbank African member countries.