Africa-Press – South-Sudan. The African Export and Import Bank (Afreximbank) has appointed Kush Bank as the trade finance intermediary (TFI) to reinvigorate trade and investment in South Sudan.
According to a statement issued by Kush Bank yesterday, the appointment came barely after it had outlined its commitment to South Sudan Oil and Power 2022 to build linkages to reduce the costs of financing international trade across the country.
“We are thrilled to announce that after several months of strong due diligence by the African Export-Import Bank (Afreximbank), Kush Bank Plc. has been appointed as a Trade Finance Intermediary (TFI) for Afreximbank in South Sudan.
“This appointment is a testament to our commitment to national development and supporting the growth of SMEs in the country,” a statement from Kush Bank read in part.
The appointment tasks Kush Bank with providing linkage between Afreximbank and the South Sudanese business community to allow them access to global markets.
“We will also take advantage of the open account trade facilitation capabilities of Afreximbank to be able to settle our obligations using their various trade payment platforms,” the statement added.
“We are proud to be associated with Afreximbank and to have been appointed as their trade finance intermediary in South Sudan. We believe that this appointment will help us to achieve our mission of supporting national development and promoting economic growth in the country.”
Afreximbank
In 1993, Afreximbank, a pan-African multilateral financial institution, was founded with the vision of promoting and financing African trade and exports and addressing the financial gap.
According to Kush Bank, small and medium-sized enterprises (SMEs) in South Sudan hardly grow as they are confronted by a myriad of challenges, for instance, a lack of affordable financing.
“The appointment of Kush Bank as the trade finance intermediary for Afreximbank in South Sudan is, therefore, a significant step forwards in promoting economic growth and development in the country,” the bank added.
“By providing SMEs, youth, and women with access to affordable financing and the support they need to manage their loans effectively, Kush Bank can play a crucial role in promoting financial inclusion and entrepreneurship, as well as driving economic growth and job creation in South Sudan.”
Source: The City Review South Sudan
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