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Afreximbank
Source: Afreximbank |

African Peer Review Mechanism (APRM): “Fitch's Downgrade of Afreximbank's Rating is Based on Flawed Loan Classification”

The APRM calls upon Fitch Ratings to re-examine its criteria and assumptions in this case and to engage in technical consultations with Afreximbank and other relevant African stakeholders

In line with Decision [Assembly/AU/Dec.631(XXVII)] of the African Union Assembly of Heads of State and Government and Article 6(g) of the African Peer Review Mechanism (APRM) Statute (2020), which together mandate the APRM to provide support to African countries in the field of credit ratings. The APRM routinely undertakes independent…

Afreximbank
Source: Afreximbank |

Afreximbank issues the first-ever multi-border transit bond in Zambia under the Afreximbank African Collaborative Transit Guarantee Scheme (AATGS)

The US$1 billion Collaborative Guarantee Scheme is expected to accelerate cross-border trade in Africa and save the continent about US$300 million annually in transit costs

Afreximbank (www.Afreximbank.com) announces the historic issuance of the first-ever multi-border transit bond. The US$10 million transit bond issued in favour of Innovate General Insurance (IGI) of Zambia is expected to provide counter guarantees and boost IGI’s capacity to issue bonds to Clearing and Forwarding Agents in Zambia. The Afreximbank African Collaborative Transit…