MUFG Bank today announces the signing of a Memorandum of Understanding (MOU) with the African Export-Import Bank (Afreximbank) to promote trade with and investment in Africa.
Through this MOU, MUFG will further strengthen its sharing of information relating to trade and investment and cooperation in areas such as trade finance with Afreximbank to further enhance support for clients expanding into, or considering trading or investing in Africa.
Takanori Sazaki, Regional Executive for MUFG in EMEA, said:
"As we at MUFG seek to strengthen our presence across Africa through innovative opportunities, this MOU with Afreximbank is perfectly timed. The continent is undergoing remarkable growth and shows no sign of relenting due to market expansion and growth in investment from overseas.
"Japanese businesses are increasingly viewing Africa as a new frontier, as the seventh TICAD gathering clearly demonstrates, and we look forward to facilitating discussions with international organisations, private companies and government bodies to enable long-term investment and trade expansion as part of this."
Dr Benedict Oramah, President of Afreximbank, added:
"Our capacity to step in and provide trade and development finance to African countries is largely owed to the support received from strong financial partners, such as MUFG. Even at the height of the financial crisis in 2008, MUFG was there to support Afreximbank.
"MUFG has led Afreximbank's fund mobilisation activities in the international capital and loans markets, and our success and track record at international funds raising is hugely attributable to the expertise and capacity that MUFG brings to the table."
MUFG's involvement in Africa goes back more than 90 years to 1926, when Yokohama Specie Bank, a forerunner of MUFG, opened an office in Egypt. Today MUFG has offices in Cairo, Egypt, and Johannesburg, South Africa.
Afreximbank, a leading African trade finance institution aims to facilitate, promote and expand trade among African countries and between Africa and the rest of the world.