BLANTYRE-(MaraviPost)-FDH Bank Plc and Egypt-based African Export-Import Bank (Afreximbank) have signed a US$15 million medium term loan facility agreement to help reshape and drive intra and extra-African trade in Malawi.
FDH Bank Plc Deputy Managing Director George Chitera sealed the deal with Afreximbank Executive Vice President Global Trade Bank, Haytham El Maayergi at the just-ended Afreximbank 31st Annual General Meeting in the Bahamas.
In reaction to the agreement, Chitera said the development will help the Bank increase its capacity to structure complex trade finance solutions for its clients.
“As a Bank, we believe in our ability and potential to grow the business. To realize that potential we also leverage our strategic partnerships with Afreximbank and other like-minded institutions to strengthen our capacity and create bespoke financial solutions which will reshape and drive Intra and Extra Africa Trade.
“This US$15 million medium-term loan facility is one of the major steps towards that goal,” said Chitera.
In November last year, FDH Bank Plc was the first in Southern Africa to secure a US$10 million Africa Trade Exchange (ATEX) facility agreement with the Pan-African multilateral institution, used to reshape the landscape of procurement of strategic supplies for Malawi’s economy.
The Afreximbank 31st Annual General Meeting 2024 took place from June 12 to 14, 2024 with over a thousand attendees including African/Caribbean leaders, African and non-African policymakers, corporate and business leaders, and bankers.
