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Afreximbank, HSBC, AFC - Win Landmark Trade Finance Award

Africa Finance Corporation (AFC) in partnership with African Export-Import Bank (Afreximbank), concludes its first trade finance deal for the acquisition of aircraft for Arik Air Limited.

The aircraft will augment the Arik Air fleet and service its key international markets including Johannesburg, Ghana, Banjul, Dakar, Freetown, London. In recognition of this landmark transaction, the lending consortium of, Afreximbank, HSBC and AFC was today awarded in London, the Euromoney 2008 Trade Finance Deal of the Year ' Africa.

AFC is a key financier in the USD$100million deal and provided the facility in conjunction with Afreximbank and major International Banks. Mr. Andrew Alli, CEO AFC said 'AFC's participation in the financing for Arik Air is a natural extension of the extensive trade finance services offered in partnership with Afreximbank and compliments the AFC promotion of trade and economic development in Africa'. Mr. Jean-Louis Ekra, President of Afreximbank, said 'This facility provision for Arik Air involving Afreximbank and AFC, underscores our strategic focus in leveraging results oriented Pan-African partnerships to enable African banks to access trade finance lines in a turbulent global financial climate. This builds on the foundation for a sustained expansion of trade finance activities across Africa'.