Afreximbank extends EUR15-million factoring line of credit to Banque Postale du Congo
Summary
African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has signed a EUR 15 million Factoring line of credit agreement with Banque Postale du Congo (BPC) in Cairo. Awani highlighted that the transaction is part of a broader strategic partnership between Afreximbank and BPC aimed at promoting factoring in the Republic of Congo and across the Central Africa region. The partnership is also designed to improve access to finance for SMEs, which are vital contributors to job creation and economic growth as well as strengthen capacity building and legal and regulatory frameworkFactoring has been identified as a key instrument to facilitate the implementation of Afreximbanks current strategy, Impact 2026 - Extending Frontiers, by providing financing to SMEs that may not meet the criteria for traditional bank lending, said Mrs. Awani. Calixte Tabangoli, Chief Executive Officer of BPC, who signed on behalf of his organisation commented: We are honoured to once again partner with Afreximbank through this expanded facility. Over the past two years, the Banks support has enabled us to provide vital working capital to more than 100 SMEs in Congo.