China EximBank approves $30m trade facility for Access Bank

Access Bank said that it has extended its portfolio and strategic relationship with major Development Finance Institutions to the continent of Asia. Specifically, the bank said that it has been granted a $30million trade finance facility by the Export-Import Bank of China (China EximBank) which covers letters of credit and export credit guarantee. Access Bank is a leading African financial institution with impressive track record in trade and structured finance.

Access Bank said it has received several recognitions and awards for its innovations in trade and structured finance. These recognitions include the International Finance Corporation�s “Most Active Issuing Bank in Africa” Award in 2010; IFC�s “Innovation in Trade Structure” and “Best GTFP Network Bank” Awards in 2008 and 2007 respectively while the Bank�s UK subsidiary (Access Bank UK) Ltd, which became fully operational in 2008 emerged the winner of Treasury Today�s “2009 Adams Smith Award for best practice and innovation in the “In sourcing and Outsourcing” category.

Access Bank�s strategic partnership with the China EximBank is expected to strengthen its trade services capacity and position the institution for excellent offerings to the growing Chinese community in Nigeria. The $30 million trade line will support the increasing volume of trade transaction between the two countries and facilitate the actualisation of various developmental projects on the African continent.

The bank is renowned for its cross-continental economic intermediation activities, particularly through trade services. Its excellent reputation has endeared it to several foreign Commercial Banks, Export and Credit Agencies, Multilateral and Development Finance institutions with a network covering major trade centres across the world.

The bank�s strategic partners include Netherlands Development Finance Company (FMO), International Finance Corporation (IFC), Belgian Investment Company for Developing Countries (BIO), European Investment bank (EIB), Finnish Fund for Industrial Cooperation (FINNFUND), African Development Bank (AFDB), Export-Import Bank of the United States (EXIM Bank), African Export-Import Bank (AFREXIM), Commerz Bank amongst others. These partnerships are leveraged to provide its customers with value-added advisory services and access to competitively-priced funding.

Access Bank remarked that it is reputed for pulling landmark deals from global finance institutions and multilateral agencies. Notable among these deals was in 2010, when it signed a syndicated trade finance facility programme with FMO under which FMO and other Development Finance Institutions (DFI) to be arranged by FMO will provide guarantees for letters of credit issued by Access Bank.

Source : Daily Champion