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The quiet revolution in African trade finance
11 November 2011
African trade finance is undergoing a quiet revolution. Europe’s debt crisis has hit liquidity across the continent but is also giving regional banks a chance to shine. Helen Castell examines the scene.
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Africa trade finance
commodities Africa
Rand Merchant Bank
Citi Africa
SNR Denton
Africa Finance Corp
TFC Capital
Afreximbank
CDB
Trade in Africa will reach $1.25 trillion in 2011, a year during which the continent rode a number of positive tailwinds that until recently buffered it from Eurozone problems and skittish commodity markets.
Despite pockets of conflict, including the Arab Spring’s impact on North African economies, Africa’s political atmosphere improved, most notably in Cote d’Ivoire with its new government, in Nigeria with its Niger Delta amnesty, and in South Africa with a string of government-labour agreements, notes Denys Denya, executive vice-president, finance, administration and banking services at African Export-Import Bank (Afreximbank) in Cairo.
Africa’s farm produce, metals and energy commodities enjoyed stable demand and favourable, if volatile, prices, while African exports continued to diversify, he adds.
Total trade for Africa leaped 18.5% in 2010, reversing the previous year’s 23.4% decline, while the economies of Togo, Guinea Bissau, Zambia, DR Congo and Mozambique each racked up...
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