Afrexim Bank to Issue $30 Billion of Loans in Next Five Years

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Commercial towers sit on the city skyline beyond a highway in Abuja, Nigeria, on Wednesday, Oct. 21, 2015. A drop in crude prices in the past year has put pressure on public finances, while the naira has declined 7 percent against the dollar this year. Photographer: George Osodi/Bloomberg

African Export-Import Bank will issue more than $30 billion of loans in the next five years, according to a former president.

The Cairo-based lender, known as Afrexim, will give out the funding to boost intra-African trade, Christopher Edordu said in a speech in Abuja, Nigeria’s capital, during the bank’s annual meetings.

— With assistance by Paul Wallace

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