The African Export-Import Bank (Afreximbank) says it is set to launch a US$1bn continent-wide transit guarantee scheme, having agreed last month to pilot the programme in the Common Market for Eastern and Southern Africa (Comesa). In March, Afreximbank said it would begin issuing transit bonds in Comesa member states after it finalised an agreement to join the bloc’s Regional Customs Transit Guarantee (RCTG) scheme. With US$200mn earmarked for support in Comesa, an Afreximbank spokesperson says that eligible applicants will include exporting and importing corporates, freight forwarders and clearing agencies, and “reputable financial institutions” seeking to reinsure their transit guarantee exposure. Afreximbank notes that the deal extends further than it simply signing up to the RCTG, and that it marks a stepping stone for the bank to launch its broader US$1bn Afreximbank African Collaborative Transit Guarantee Scheme (AACTGS). An Afreximbank spokesperson tells GTR: “The onboarding of the bank on the Comesa RCTG Scheme has de facto launched the AACTGS.” Alongside Comesa, the spokesperson says that the bank is now also considering a request for support from the East African Community, and that engagements with the South African Development Community are “ongoing”. The aim of the AACTGS is to allow goods to… continue reading
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Source: CTRM Center