African Export-Import Bank (Afreximbank) has signed a USD 10 million Facility Agreement and Interstate Transit Guarantee with Zambian insurance provider Innovate General Insurance at the #IATF2023 in Cairo, Egypt.
IGI Zambia’s Director & Co-Founder Luwa Luwabelwa signed the agreement on the firm’s behalf, while the Executive Vice President of the Intra-African Trade Bank (IATB), Kanayo Awani represented Afreximbank.
The deal aims to streamline the movement of goods within Zambia by issuing transit bonds specifically for members of the Zambia Freight Forwarders Association.
The USD 10 million facility is a testament to Afreximbank’s unwavering commitment to providing a robust transit guarantee facility, thereby enhancing Innovative General Insurance’s capacity and offering crucial support to its members.
This collaboration not only facilitates transit goods movement but also has the potential to significantly enhance regional economic integration within the African Continental Trade Area (AfCFTA).