Ben Eguzozie, with wire copy
Nigeria and other shareholders of the $13.4 billion Africa Export-Import Bank (Afreximbank), pan-African multilateral financial institution devoted to financing and promoting intra-African trade and trade between Africa and the rest of the world, would benefit from Japan’s Mitsubishi UFG Bank’s new Africa corporate, project and sovereign financing.
The African shareholders would particularly benefit from MUFG’s ongoing discussions with international organisations, private companies and government bodies (in Africa) to enable long-term investment and trade expansion as part of this.
This emerged from MUFG Bank’s signing of a memorandum of understanding (MoU) with the Afreximbank in Yokohama City, Japan, to provide a broad framework for collaboration between the two organisations.
- Nigeria flags off construction of its $7bn NLNG Train 7 project
- Covid-19: World Bank, African Union agree modalities to deploy 400m J&J…
- Nigerian economy to benefit from AfDB’s AUD$600-mn first ever Australian…
- Nigerian SMEs, other businesses to benefit from G7 DFIs, multilateral…
- Nigeria's central bank to launch own digital currency by end of 2021
The agreement is an offshoot of the just-concluded seventh TICAD event in Japan. The MoU will further strengthen the relationship between MUFG and Afreximbank, allowing for increased cooperation across Africa through the joint financing of transactions in corporate, project, and sovereign financing, as well as enhancing the trade finance offering of both organisations.
Takanori Sazaki, the regional executive for MUFG in Europe, Middle East and Africa (EMEA), said, MUFG seeks to strengthen its presence across Africa through innovative opportunities; adding that the MoU with Afreximbank was perfectly timed. “The continent is undergoing remarkable growth and shows no sign of relenting due to market expansion and growth in investment from overseas,” she said.
He said, “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.”
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.
According to Benedict Oramah, a professor and president of Afreximbank, the bank was proud to be signing an MoU with MUFG. “It strengthens our already good relations built over the past several years. The MOU sets a solid foundation for reinforcing the economic bond between Africa and Japan at a time of increasing global trade tensions. It creates a unique opportunity for African businesses to benefit from MUFG’s increasing African presence; while also enabling MUFG to enhance its offerings to Japanese entities seeking business opportunities across Africa,” he said.
Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with around 3,000 offices in more than 50 markets. The Group has over 180,000 employees, and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing.
MUFG aims to be the world’s most trusted financial group through close collaboration among its operating companies, and to respond to all of the financial needs of its clients, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges.