(Ecofin Agency) - The African Import and Export Bank (Afreximbank) is signing a financing agreement with DRC’s SofiBanque next September 6. Under this agreement, SofiBanque will get a credit line of $10 million but the maturity and interest rate have not been disclosed yet.
The amount will be disbursed via Afreximbank Trade Facilitation Program (AFTRAF), a vehicle set up by the multilateral financial institution to help African banks meet international compliance requirements and to combat the reduction of African banks' commercial lines by international banks.
This is the first time the AFTRAF will be deployed in DRC. The program, which has been operational since August 2018, was presented during a tour of the continent to about ten banking institutions.