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Tag: AfreximBank

Moody’s Affirms Afreximbank’s Rating

Moody’s Affirms Afreximbank’s Rating

Business
African Export-Import Bank (Afreximbank) has announced that the global credit ratings agency Moody’s, recently affirmed its long-term credit rating at Baa1, with a stable outlook. The agency determines its rating for supra-nationals based on three criteria: capital adequacy, liquidity, and funding and strength of member support. Moody’s noted that Afreximbank’s credit profile was, “supported by its collateralised trade finance business model, with a short average asset maturity and a relatively well-diversified loan portfolio that allows it to respond flexibly to the coronavirus crisis.” The report added that, “the stable outlook is supported by the Bank’s successful equity-raising performance and its track record of adapting its strategy to challenges in the operating environment of...
Afreximbank Unveils $3m COVID-19 Grant for African Countries

Afreximbank Unveils $3m COVID-19 Grant for African Countries

Economy
The African Export-Import Bank (Afreximbank) has announced a $3 million grant to complement efforts to combat the COVID-19 pandemic across African countries. Afreximbank President, Prof. Benedict Oramah, who made the announcement in Cairo, recently, said the fund was in response to a request by African heads of state, through the auspices of the African Union Chair Person, Cyril Ramaphosa, President of South Africa, for the mobilisation of resources to address the pandemic. He said a significant proportion of the grant would go to the COVID-19 Special Fund set up by the African Union (AU) as well as to the African Center for Disease Control (Africa CDC). Oramah said: “We hope that our modest contribution will help to address some of the immediate needs. We encourage other African...