Overview

China Eximbank provides $600 million loan to Afreximbank for on-lending purposes in 2023

Commitments (Constant USD, 2023)$600,000,000

Commitment Year•2023Country of Activity•Africa, regionalDirect Recipient Country of Incorporation•Africa, regionalSector•Trade Policies And RegulationsFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Oct 17, 2023

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

Export-Import Bank of China (China Eximbank)

Receiving agencies

Intergovernmental Organizations

African Export-Import Bank (Afreximbank)

Loan description

China Eximbank provides $600 million loan to Afreximbank for on-lending purposes in 2023

Interest type•Unknown

Narrative

Full Description

Project narrative

On October 17, 2023, China Eximbank and the African Export-Import Bank (Afreximbank) signed a $600 million facility (loan) agreement in the presence of Ren Shengjun, China Eximbank’s President, Benedict Oramah, Afreximbank’s President, Zhang Wencai, a Vice President of China Eximbank, and George Elombi, Executive Vice President of Afreximbank. The borrowing terms of the loan are unknown. However, it is known that the borrower was expected to use the loan proceeds for on-lending purposes and to promote Afreximbank’s mission of promoting intra- and extra-African trade. More specifically, the loan proceeds are to be used to facilitate and finance the trade and economic cooperation between the member states of Afreximbank and the People’s Republic of China (PRC).

Staff comments

1. African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution.