Active Development AidData Chinese Aid

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

$600K USD

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	African Export-Import Bank (Afreximbank)
Country	Africa, regional
Start Date	Oct 17, 2023
End Date	May 05, 2027
Duration	1,296 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`102619`

Grant Description

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

📋 Loan / Grant Terms

💰 Loan Amountare 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.

📚 Sources & References

Afreximbank
Cexim sign $600m deal to boost China-Africa trade
The Export-Import Bank of China and African Export-Import Bank Signed a Facility Agreement
The African Export-Import Bank (Afreximbank) and the Export-Import Bank of China (CEXIM) sign US$600 million loan to fund loans and trade finance transactions.
Afreximbank and CEXIM sign $600 million loan to facilitate and finance trade and economic cooperation Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.

All Grantees

African Export-Import Bank (Afreximbank)

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