The National Bank of Malawi (NBM PLC), the country’s largest bank by assets, has secured US$100million from the African Export-Import Bank (Afreximbank) to support trade finance.
- •The Trade Finance Facilitation Facility (AFTRAF) is the largest to be extended by Afreximbank in Malawi.
- •NBM Plc will use the facility to “maximise capacity to finance trade transactions of clients in the manufacturing, energy and agriculture sectors.”
- •It will also use the facility to issue letters of credit guaranteed by Afreximbank, and support the importation of critical goods required in the country.
“The Afreximbank credit line will help reduce the risks and costs associated with cross-border transactions, giving businesses of all sizes—from large corporations to small enterprises—access to the tools they need to thrive,” Harold Jiya, National Bank of Malawi Plc CEO, said during the signing ceremony in Cairo.
NBM is currently reprofiling itself into a regional bank, and serves as an Afreximbank Trade Finance Intermediary.
