$100 Million: Trade Finance Facilitation Facility Pact being Authorized by Afreximbank and the National Bank of Malawi to Enhance Trade Financing in Malawi

By Abdul Rahman Bangura-

NEW AFRICA DAILY NEWS (NADN) Freetown, Sierra Leone– This is a push that will accelerate the National Bank of Malawi to distribute letters of credit affirmed by the African Export-Import Bank arbitrating the present shortcomings of asserting bank lines.

This is a big deal by AFTRAF facility ever offered by Afreximbank in Malawi, slates to expand NBM’s capacity to finance trade transactions, primarily in the manufacturing, energy, and agriculture sectors.

This contribution, will expedite the import of vital goods into Malawi, encompassing fuel, pharmaceuticals, fertilizers, and intermediate products for the manufacturing sector.

The consensus was autographed on September 24th 2024, at Afreximbank’s headquarters in Cairo. Haytham E lMaayergi, Executive Vice President of Global Trade Bank Africa at Afreximbank, and Harold Jiya, CEO of NBM Plc, authorized the deal on behalf of their respective organizations.

During the signing, lMaayergi underscored the massive strides the facility will have on Malawi’s strategic sectors, pointing that it would empower these industries to import essential inputs for value-added exports. He same recognized that this collaboration schedules to strengthen Malawi’s foreign exchange capacity while bolstering intra- and extra-African trade.

Harold Jiya expressly noted that, the credit line is a major step forward for both NBM and the people of Malawi. He highlighted the partnership’s potential to make international trade more accessible and affordable, curtailing the risks and costs associated with cross-border transactions for businesses of all sizes.

NBM Plc, a Trade Finance Intermediary of Afreximbank, is presently transitioning into a regional bank, equating this new facility to expand its geographical landmarks in Southern Africa.

New Africa Daily News Abdul Rahman Bangura Reports, Africa Correspondent