The African Export-Import Bank (Afreximbank) and the International Islamic Trade Finance Corporation (ITFC) sign a $250 million financing facility. The agreement was initialed by Professor Benedict Oramah, Chairman of Afreximbank and Hani Salem Sonbol, CEO of ITFC.

Afreximbank is to receive a $250 million facility from ITFC to purchase Covid-19 vaccines and foster a trade-based economic recovery. On the sidelines of an official visit by the Nigerian to the ITFC headquarters in Jeddah, the two institutions signed an agreement initialed by Professor Benedict Oramah, Chairman of Afreximbank and Hani Salem Sonbol, CEO of ITFC. This facility should allow Afreximbank to finance the Covid-19 response program in the countries in which the two organizations operate. It will also have to strengthen the capacity of the Cairo-based institution to provide trade finance resources at a critical time for the development of exports and the industrialization of the continent.