Afreximbank signs $10m facility with Fidelity bank

The African Export-Import Bank (Afreximbank) has signed a US$10 million facility with Fidelity Bank to enable it to finance trade and trade-related transactions across the continent.

Proposed as a one-year revolving facility, with funds utilised for short-term trade transactions on a case-by-case basis, the facility will be applied to projects, such as eligible exports, value-adding exports and eligible imports, in critical sectors, such as manufacturing, agriculture, power and energy.

Afreximbank on 18 November 2021 in Durban, South Africa, further consolidated its position as a leader in funding the development of trade infrastructure across Africa with the signing of four major business transactions on Day Four of the Intra-African Trade Fair 2021 (IATF2021).

Related News

The Bank also entered into a Memorandum of Understanding with Bestaf Exploration and Production Limited, for US$1 billion to be used for the development of assets and requisite facilities to monetise the gas in OML 86 and 88 through a financial and technical service agreement with the Nigerian National Petroleum Corporation.

In a third signing for the day, Afreximbank agreed to issue a line of credit to Senegal’s Banque National de Developpement Economique as part of efforts to promote factoring across Africa. The facility supports Afreximbank’s factoring strategy which is structured around supporting financial intervention, legal and regulatory frameworks, awareness and capacity building, services and the development and maintenance of strategic partnerships.

Organised by Afreximbank in collaboration with the African Union and the AfCFTA Secretariat, the seven-day IATF2021 is providing a platform to promote trade under the AfCFTA, and features over 6,000 buyers, sellers, and other stakeholders participating to share trade, investment and market information as well as trade finance and trade facilitation solutions designed to support intra-African trade and Africa’s economic integration.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.