DRC – African Export-Import Bank (Afreximbank), a pan-African supranational multilateral financial institution, has signed an agreement for a US$100 million trade finance facility in favor of Rawbank to assist the Bank in increasing trade flows into and out of the Democratic Republic of Congo (DRC).
The facility, the largest trade finance facility ever provided by Afreximbank to a commercial bank in the DRC, is also expected to help reduce pressure on the country’s balance of payments using the trade finance instrument offered by the Afreximbank Trade Finance Facility (AFTRAF) program.
It will also create business opportunities for Rawbank and its clients while supporting the economic development of the DRC.
Haytham Elmaayergi, Executive Vice President of Global Trade Bank at Afreximbank, highlighted the facility’s contribution to supporting economic development in the DRC.
“We are very pleased to deploy this important facility in the DRC to support such a strategic partner as Rawbank,” said Mr. Elmaayergi.
“Our partnership with Rawbank will be further strengthened to support economic development in the DRC. Our synergies can only help to build the Africa we want by unleashing the full potential of intra-African and global trade for the benefit of our people.”
He noted that AFTRAF was structured to provide trade confirmation services, trade confirmation guarantees, and irrevocable reimbursement undertakings to clients. He added that it was designed to counter the recurring trend of international banks reducing or withdrawing trade lines to African banks following the de-risking process.
Commenting during the deal signing ceremony, Didier Tilman, Vice-President of Business Development for Rawbank, noted: “Today marks a significant milestone for Rawbank and the Democratic Republic of Congo.
“This agreement with Afreximbank represents not only a substantial injection of capital into our trade finance capabilities but also a testament to the confidence placed in Rawbank as a key player in driving economic growth and facilitating trade in the region.”
In January this year, Mastercard partnered with Illicocash, Rawbank’s fintech arm, to launch a virtual card program in the Democratic Republic of the Congo (DRC). The program will provide consumers and businesses a new and convenient way to engage in eCommerce transactions.
This move follows Rawbank’s partnership with Thunes, a global provider of cross-border payment infrastructure, in 2022 to streamline cross-border transactions between the nation and the international community.
Through this partnership, customers in the DRC can request valid virtual cards on domestic and international websites, opening up new entertainment, shopping, and experience options.
Along with supporting online purchases, it will help small and startup businesses streamline the management of their employees’ travel expenses by eliminating the need for physical cards.
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