Concerns are growing that a dispute over the status of multilateral development banks (MDBs) in African sovereign debt restructuring could impact the availability and pricing of trade finance on the continent. MDBs have historically served as a vital source of financing for governments in the Global South, typically providing lower rates than commercial alternatives. In ...| Global Trade Review (GTR)
The African Export-Import Bank (Afreximbank) has joined a pan-African governance unit in criticising Fitch Ratings’ downgrade to the multilateral development bank’s credit rating. Fitch announced on June 4 it was downgrading Afreximbank to BBB+, the lowest investment grade rating and one notch above junk, after reassessing its credit risk as “high” and its risk management ...| Global Trade Review (GTR)
The African Export-Import Bank has appointed George Elombi as its next president and chair, taking up the role in September.| Global Trade Review (GTR)
Afreximbank has established a US$3bn trade finance programme in a bid to reduce the continent’s dependence on foreign oil imports.| Global Trade Review (GTR)
Financial technology giant FIS says it plans to become a leader in supply chain finance following the acquisition of London-headquartered Demica. New York-listed FIS, which provides banking and payments technology and processes transactions worth trillions of dollars per year, announced the acquisition on February 13. The deal is fully closed with all regulatory approvals granted, ...| Global Trade Review (GTR)