EMRC Africa Finance & Investment Forum Innovative Solutions to Increase Access to Finance :

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1 EMRC Africa Finance & Investment Forum 2014 Innovative Solutions to Increase Access to Finance : - Experience in Assisting Local Enterprises to Source Funds in Foreign and National Currencies - Addressing the Missing Middle Presented by Kenneth T. Ruredzo Manager Business Development, Southern Africa

2 Background (2)

3 Africa has lately been a focal point for some of the world s largest economies due to its wide range of natural resources i.e. oil, gas, agricultural based commodities which are exported in their raw form. Limited access to finance and absence of suitable funding structures have been cited as one of the key reasons for the export of these commodities in their raw form. Afreximbank has come up with tailor made financing programmes aimed at ensuring finance to those Small to Medium Enterprises (SMEs) that ordinarily may find it difficult to access bank funding. (3)

4 Among the Afreximbank financing programmes that have notably assisted SMEs are: Export Agriculture Financing Facility a) Support establishment of contract farms on terms consistent with the Bank s trade finance mandate. b) Provide country risk and other guarantees to encourage global contracting entities. c) Support commercial farms and Cooperatives in export agriculture. d) Provide both short term and medium term finance for production and trade value chains from financing inputs to pre-financing export of the output as well as post shipment financing. (4)

5 Example(s) Cotton Financing in Zimbabwe. Cotton Farmers without capacity to obtain bank funding are grouped under a Cotton Merchant as contracted growers. Funding for inputs and other production requirements is provided through the merchant against off take contracts that the latter has with export buyers. Cotton Merchants ensure performance by the farmers through provision of extension services and relevant technical assistance. (5)

6 On export of the cotton lint, off takers will relay funds to Afreximbank for settlement of the loan advances initially made to the merchants for the benefit of the contracted growers. Similar agriculture funding models have been successfully duplicated to other crops like tea, sugarcane, commercial seeds and tobacco in various member states. Invoice/Receivable Discounting Facility a) Afreximbank purchases receivables with recourse to presenter. b) All discounted receivables will be self liquidating. (6)

7 c) Afreximbank will not assume collection services for the original beneficiary of the receivables. d) Most suitable for SMEs supplying goods to Large Export Trading companies, manufacturing exporters, hotels. Example(s) The USD80 million Mining Services Facility for Zambia that is being put in place in collaboration with a local bank. Local Bank helps in identifying suppliers to large mining houses. Identified/Approved suppliers to bank with the local commercial bank. (7)

8 Funding provided for up to 80% of receivables. Buyer of goods/services to make direct payment to supplier s account with local commercial bank. Similar facility being accessed by a Regional commercial seed producing company that sales to the private sector and Governments. Factoring and Receivables Management The facility aims to promote: a) Export factoring through which it supports export of African goods and services. (8)

9 b) Import(Reverse) Factoring whereby Afreximbank supports African Importers. c) Domestic factoring through which the Bank supports SMEs in export/service supply chain. Example(s) A number of challenges have been identified for the limited use of Factoring products. Among these include absence of the relevant supporting legislative and regulatory framework in various African States; Set up costs and low expertise. (9)

10 Notwithstanding these challenges, Afreximbank has put in place facilities totaling USD24 million with two institutions in Mauritania that are involved in factoring activities. Collaboration with Local Banks/Trade Finance Intermediaries (TFIs) in Ensuring Access to Funding in Member States Afreximbank works closely with TFIs within member states to identify funding needs of entities that take part in trade related activities. Amongst these entities are both SMEs and Large Corporations. Identification of TFIs to work with is done through normal due diligence not limited to KYC and financial capacity. (10)

11 In addition to playing the role of an Administrative Agent bank, TFIs may also participate in transactions either on a funded or unfunded basis. Working with TFIs assists institutions like SMEs who are unable to get direct funding from Afreximbank to access funding through suitably structured facilities that include some of the financing programmes referred to earlier. Example(s) The USD80 million Mining Services Facility for Zambia is one example where collaboration with a TFI assisted in coming up with products that allow SMEs access to Finance. (11)

12 A USD150 Million Trade Finance Facility for importing/exporting entities that include SMEs is being finalised with an Export promoting Fund in Malawi. Conclusion In order to ensure access to funding for trade and development by SMEs, financing programmes tailored to address their unique circumstances are required. Afreximbank is proud to be playing a leading role in creating workable structures in the African trade finance space, making it: The Trade Finance Bank for Africa (12)

13 Thank You African Export-Import Bank 2014 (13)

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