The board of directors of the African Development Bank (AfDB) has approved a $450m trade finance package for the African Export–Import Bank (Afreximbank) on Wednesday, according to a press statement from Friday.

The statement said that the facility consists of a three-year $150m unfunded risk participation agreement (guarantees) and a four-year $300m trade finance line of credit.

The trade finance package programme will boost intra-African trade, promote regional integration, and contribute to the reduction of the trade finance gap in Africa.

This facility will contribute to macroeconomic resilience in at least 28 countries. It will furthermore provide financing to more than 100 financial institutions and corporations, and support at least $2.8bn of trade in Africa over a four-year period.

In light of this programme, the Afreximbank has developed an Egypt-Africa Trade Promotion Programme (EATPP), to which the bank has allocated $500m to support Egyptian exports to the bank’s member states.