The meeting brought together Finance Ministers and Central Bank Governors from across Africa, under the theme “Facilitating Intra-African Trade: Catalyst for Sustainable Development in Africa“. The main objective was to identify the major challenges to be overcome for the full integration of the continent, while engaging in strategic dialogues to find sustainable solutions. The initiative aims to stimulate trade between African countries, thereby strengthening the continent’s economic integration. By increasing the investments available, Afreximbank hopes to support African businesses that promote economic growth and job creation.
By encouraging intra-African trade, Afreximbank is helping to reduce the dependence of African countries on foreign imports, thereby ensuring a degree of economic autonomy. This approach is also part of a drive to diversify African economies. To take full advantage of their commercial potential. “Afreximbank had been a key player in the facilitation of intra-African trade since its inception, notably by committing US$1 billion to support the financing of the ZLECAf Adjustment Fund, as well as a US$10 million grant to facilitate the implementation of this fund,” emphasized ElMaayergi, Executive Vice President of Afreximbank.
Nigeria, a strategic partner for Afreximbank
Nigeria, one of the Bank’s founding members, plays an essential role in its growth and success. As the second largest shareholder, the country has benefited from over USD40 billion in support to public and private entities since the Bank’s creation in 1993. Afreximbank is also implementing several of its flagship initiatives in Nigeria, such as the African Medical Center of Excellence and the Afreximbank African Trade Center.
In addition to these initiatives, Afreximbank is working on the creation of several other continental multilateral financial institutions to fill major financial gaps in Africa and facilitate trade. The Alliance of African Multilateral Financial Institutions (AAMFI) was launched in collaboration with the African Union Commission (AUC) at the 37th Ordinary Session of the AU Assembly of Heads of State and Government in Addis Ababa last February. This initiative aims to strengthen the continental financial framework to advance the AU’s Agenda 2063. Mr. ElMaayergi also called on the World Bank and IMF to collaborate with AAMFI to address the continent’s challenges.
The African Export-Import Bank (Afreximbank) is a pan-African multilateral financial institution dedicated to the financing and promotion of intra- and extra-African trade. For 30 years, it has deployed innovative structures to provide financing solutions that facilitate the transformation of Africa’s trade structure and accelerate industrialization and intra-regional trade, thereby supporting economic expansion in Africa.
