Multilateral financial institution the African Export-Import Bank (Afreximbank) and Singaporean state-agency Enterprise Singapore (EnterpriseSG) have signed an agreement to improve financial access for Singaporean firms seeking ventures in Africa.
The partnership marks EnterpriseSG’s first agreement with a multilateral development bank (MDB) under its Enterprise Financing Scheme-MDB program, which is designed to facilitate the international growth of Singaporean firms.
Afreximbank’s knowledge and networks across the African market will support Singaporean firms improve their understanding regarding various markets, according to Geoffrey Yeo, Assistant Managing Director for Capabilities, Urban Systems & Solutions at EnterpriseSG.
Afreximbank will provide Singaporean businesses with access to funding for a wide range of needs, including working capital, fixed assets, trade financing, projects and mergers and acquisitions, under the partnership. Companies from Singapore will have access to Afreximbank’s digital platform Africa Trade Gateway to match services, interest and connect with African partners and investors.
“We hope that Singapore companies’ trade and investment activities can add value to the industrialization and export development in Africa,” added Yeo.
Haytham ElMaayergi, Executive Vice President for Global Trade at Afreximbank, said the partnership is instrumental for diversifying African trade and increasing the continent’s share of global trade.
