African export-import bank and the export credit insurance corporation of South Africa enter into a memorandum of understanding (MOU) to launch a $1 billion financing programme to promote and expand t
11 April 2018
Under the terms of the MOU signed in Cairo at the end of March 2018, Afreximbank and ECIC will jointly implement a South Africa-Africa Trade and Investment Promotion Programme (SATIPP). SATIPP will involve the two institutions working together on identification, preparation and appraisal of trade transactions and projects; exploration of co-financing and risk-sharing opportunities; and knowledge-sharing work, with particular emphasis on intra-African trade matters, through technical cooperation, staff exchange, research and joint events.
South Africa, joined Afreximbank as shareholder in November 2017 and named ECIC as its designated investor, became eligible for the Bank’s trade promotion programmes and financial services as a result of its shareholding. Kutoane Kutoane, Chief Executive Officer of ECIC, in his response, said that joining Afreximbank as a shareholder makes it possible for South Africa to widen its access to other African markets. In Addition to ECIC’s mandate to increase the volumes of South African exports, the institution was committed to contributing to the Africa’s industrialization in an inclusive manner.
Kanayo Awani, Managing Director of Afreximbank’s Intra-African Trade Initiative, said that SATIPP offered numerous opportunities to South-Africa-based entrepreneurs expanding into the rest of Africa. These include trade and project financing, guarantees, winning business and matchmaking services, export logistics facilitation, capacity-building, and trade information and advisory services.
Source: African Export-Import Bank website