African Import-Export Bank has already mobilized more than $3 billion of which one billion through Eurobond issuances, ahead on it initial schedule, Reuters reported on October 28 citing the lender’s executive deputy chief, George Elombi.

In May 2016, Afreximbank said it would raise $3 billion by the end of December, through Eurobonds, and by securing syndicate loans from States and financial institutions.

“We have far passed this sum and raised more than three billion dollars, of which one billion by issuing dollar denominated bonds,” Elombi said. He however indicated that the bank did not have enough resources to respond to growing demands for financing from African economies affected by the slump in commodity prices.

Founded in October 1993, Afreximbank is a multilateral institution which focuses on financing and promoting intra and extra Africa trade. Since it started operating in 1994, the Cairo-based bank has disbursed more the $35 billion of loan facilities to financial institutions and companies from its 38 member-states.