Afreximbank grants EUR50 Million trade facility to Loukil Group

Afreximbank grants EUR50 Million trade facility to Loukil Group

The African Export-Import Bank (Afreximbank) has initiated its first–ever intervention in Tunisia with a EUR50-million Global Trade Facility in favor of Loukil Group of Tunisia.

The signing of the agreement for the global trade facility took place on 25 August while the issuance of the first guarantee under the facility occurred in Cairo on 15 September.

The facility was granted to Loukil Group as part of Afreximbank’s drive to promote intra-African trade, particularly by supporting Intra-African Trade Champions. Intra-African Trade Champions, or IntraChamps, are companies with proven intra-African trade experience and operations and with value chains spanning across countries.

The facility was also being granted in the context of Afreximbank’s strategy to strengthen its operations in the North Africa region and to pursue the growth of its Trade Services and Guarantee Programme.

Founded in 1976 by Mr. Mohamed LOUKIL is assisted by his sons, LOUKIL Holding has steadily grown to cover a variety of strategic sectors, ranging from agriculture to heavy industry, information and communication technologies, the environment, international trade, engineering, consulting and more.

Through a network of thirty companies, the Holding currently relies on about 4000 employees. The range of its business scope has gone well beyond Tunisian borders to include Europe, Morocco, Libya, Ivory Coast, Togo, etc…

The African Export-Import Bank (Afreximbank) is a pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade. The Bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors.

Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations. Since 1994, it has approved more than $51 billion in credit facilities for African businesses, including about $10.3 billion in 2016.

Afreximbank had total assets of $11.7 billion as at 31 December 2016 and is rated BBB+ (GCR), Baa1 (Moody’s), and BBB- (Fitch). The Bank is headquartered in Cairo.