Afreximbank, CABS ink 3-year trade finance deal at IATF2023

CAIRO - 10 November 2023: The African Export-Import Bank (Afreximbank) signed Friday a term sheet with the Central Africa Building Society (CABS), a commercial bank in Zimbabwe. 

The sheet is a three-year trade finance facility. It was signed on the sidelines of the Intra-African Trade Fair (IATF2023)in Cairo, Egypt.

This initiative, led by Denys Denya, Executive Vice President, Finance, Administration and Banking Services (FABS) Afreximbank and Mehluli Mpofu, Managing Director of CABS, aims to bolster Zimbabwe’s productive sectors, particularly agriculture, mining, and manufacturing.

The deal is anticipated to benefit approximately 573 small to medium enterprises over three years, with 75 percent of these businesses being women- and youth-led. 

The IATF2023, which is the third edition of the Intra-African Trade Fair, provides a platform for businesses to access an integrated African market of over 1.3 billion people with a GDP of over $3.5 trillion created under the African Continental Free Trade Area, according to the African Union.