Partnership signed with African Export-Import Bank for development in its region

(Montevideo, 19 March 2012.) - Enrique García, president & CEO of CAF - Latin American development bank - and Oramah Benedict, executive vice president of the African Export-Import Bank (Afreximbank), signed a mutual cooperation agreement to stimulate trade and investment in favor of the economic and social development of the member countries of the two financial institutions.

García said the relationship between Latin America and Africa has, so far, hardly been explored. "Very few countries have promoted closer relations, although there are some common features, such as current rapid growth, a high percentage of young population, abundant natural resources and social problems of poverty and inequality, which are today the main challenges to be overcome in both regions."

Afreximbank plays an important role as the leading institution for trade credit in Africa, with a mandate to promote trade between the countries of Africa and the rest of the world.

The agreement will facilitate close collaboration between the two institutions on identification, preparation and appraisal of projects in Latin America and Africa.

The areas of joint work, based on this agreement, include exchange of information and knowledge, mutual assistance in operational areas, consulting for best practices in client service, cooperation on training and organization of business events.

The Export-Import Bank of Africa was established in Abuja, Nigeria, in October 1993 by African governments, African private and institutional investors, and non-African financial institutions and private investors to finance, promote and expand intra-African and extra-African trade. The bank - based in Cairo, Egypt - began operations on September 30, 1994. It has offices in Harare, Zimbabwe, and Abuja, Nigeria. More information http://afreximbank.com.