MUFG And Afreximbank Signs Memorandum Of Understanding--> Related: Power Sector Lost An Estimated N1.9 Billion On Wednesday Due To Insufficient Gas Supply, And Distribution
Reacting to the development, the President of Afreximbank, Prof. Benedict Oramah, said that the Bank is proud to be signing this MOU with MUFG, noting that it strengthens the already good relations built over the past several years. The MOU sets a solid foundation for reinforcing the economic bond between Africa and Japan at a time of increasing global trade tensions. He added that “it creates a unique opportunity for African businesses to benefit from MUFG’s increasing African presence while also enabling MUFG to enhance its offerings to Japanese entities seeking business opportunities across Africa.”
Afreximbank is the foremost pan-African multilateral financial institution devoted to financing and promoting intra-African trade and trade between Africa and the rest of the world. It works with international partners to leverage trade financing into Africa. The Bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors. Since 1994, it has approved more than $67 billion in credit facilities for African businesses, including $7.2 billion in 2018. Afreximbank had total assets of $13.4 billion as at 31 December 2018. It is rated BBB+ (GCR), Baa1 (Moody’s), and BBB- (Fitch).