The Africa Finance Corporation (AFC) and the Eastern and Southern African Trade and Development Bank (PTA Bank) have renewed the agreement for the former’s $25 million trade finance credit line to the bank.
A statement Thursday, explained that both AFC and the PTA Bank had, over the last two years, developed a strong business relationship.
“Apart from the direct trade finance credit line, AFC additionally has a risk participation agreement with PTA Bank, under which both institutions are financing the importation of co-mingled oil products into Zambia for refining into refined petroleum products. AFC’s commitment to the risk participation arrangement is $70 million, making a total of $95 million in financing collaboration between AFC and PTA Bank.,” it added.
AFC is an African-led international financial institution, established in 2007 whose mission is to improve African economies by proactively developing and financing infrastructure, industrial and financial assets.
AFC is involved as an investor, developer and financier of various infrastructure projects, and is gaining recognition as the benchmark institution for financing the development of infrastructure projects in Africa.
The corporation is the technical adviser to the Central Bank of Nigeria (CBN) on the CBN’s $2 billion Power and Aviation Intervention Fund (PAIF