The African
Export-Import Bank (Afreximbank) will provide a credit facility
valued at up to two billion Rands (about $140 million) to the Kingdom
of Eswatini to enable the Kingdom achieve required funding to meet
trade and strategic economic goals, Bank President Prof. Benedict
Oramah, has announced in Mbabane.
Prof.
Oramah, who was addressing King Mswati III of the Kingdom of Eswatini
on 31 May when he led an Afreximbank delegation to visit the King
during a two-day state visit to the Kingdom, was briefing him on a
joint declaration which Afreximbank signed earlier in the day with
officials of the Kingdom.
He
said that the facility would also enable the Kingdom to leverage its
future financial flows as a tool for economic development.
King
Mswati III commended Afreximbank for the assistance and services it
was committing to the country and welcomed the signing of the joint
declaration as a key contribution toward the development of the
Kingdom.
Earlier,
during the signing ceremony, Neal Rijkenberg, Minister of Finance of
Eswatini, who signed the Joint Declaration on behalf of the
government, said that the facility, when finally effective would help
to address development opportunities before the kingdom.
Rijkenberg
said that Eswatini could use Afreximbank’s assistance for advisory
services in converting Eswatini’s agro-processing potential into a
leading export driver. He also invited the bank to explore
opportunities in the tourism and manufacturing sectors.
The
delegation also met with Prime Minister Ambrose Mandvulo Dlamini who
commended the Bank’s commitment and dedication to Eswatini since it
became a member of the Bank and said that the Bank’s support
was invaluable to the Kingdom’s economic growth and expansion.
Prof.
Oramah affirmed Afreximbank’s commitment to supporting the economic
growth of Eswatini, saying, “We want to be relevant to the country.
This visit will help us chart a more aggressive course to support the
development of the country. There are many areas in which we can
assist.”
Prof.
Oramah identified the timber industry as a sector where Afreximbank
could provide support. He noted that Eswatini had a large supply of
timber and recommended that the government should develop a policy
for the processing.
The
delegation also attended a breakfast meeting hosted by the Prime
Minster and attended by Mr. Rijkenberg; Senator
Manqoba Khumalo, the Minister of Commerce; Dr Tambo Gina,
the Minister of Economic Planning; and Andrew Le Roux, CEO of
Montigny, the largest timber company in Eswatini.
The
delegation was accompanied on the visit by representatives of
Elsewedy Electric, an Afreximbank Intra-African Trade Champion. The
Intra-African Trade Champions programme supports companies with
proven intra-African trade experience, operations, and with value
chains spanning across countries, with interventions, which include
financing, market access and technical assistance.
The
Afreximbank delegation also participated in the launch of the End
Malaria Fund hosted by King Mswati III. The initiative seeks to end
malaria in Eswatini and Africa by 2020. King Mswati III is the Chair
of the African Leaders Malaria Alliance, a coalition of 49 African
heads of state and government working across countries and regional
borders to eliminate malaria by 2030.
The
Afreximbank delegation also included Rene Awambeng, Director and
Global Head of Client Relations; Ekene Uzor, Special Assistant to the
President on Banking and Strategy; Humphrey Nwugo, Regional Chief
Operating Officer, Southern Africa; Ayman El-Zoghby, of the
Intra-African Trade Initiative; Adaeze Anyaoku of the Communications
and Events Department; and Yikilah Ndahne of the Office of the
President.
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