The Export-Import Bank of China and AFC Signed a Loan Agreement during the 2023 AIIB Annual Meeting

2023-09-27

On September 26, Zhang Wencai, Vice President of the Export-Import Bank of China, met with Sanjeev Gupta, Executive Director of Africa Finance Corporation (AFC) in Sharm El-Sheikh, Egypt, and signed a USD300 million export buyer’s credit loan agreement. The agreement, signed on the sidelines of the Asian Infrastructure Investment Bank (AIIB) Annual Meeting, is aimed to strengthen the economic and trade ties between China and AFC member countries.

This partnership with AFC is another concrete measure taken by the Export-Import Bank of China in fulfilling its responsibilities in line with its position and functions in implementing the BRI and the nine programs under the FOCAC framework. The agreement not only enhances and deepens China-Africa economic and trade cooperation, but also serves as a good example of third-party market cooperation carried out by the Export-Import Bank of China.

The Export-Import Bank of China has a long history of cooperation with AFC, which is an important multilateral financial institution in Africa. Founded in 2007 and headquartered in Lagos, Nigeria, AFC now has 40 member countries and is dedicated to promoting Africa’s infrastructure construction with development loans, technical and financial advisory for investment and financing, equity investment, etc.

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