Intra-African trade is a key issue for the economic development of the continent, and institutions such as Afreximbank play a crucial role in promoting and facilitating it. With its commitment to support the progressive implementation of the African Continental Free Trade Area (AfCFTA), Afreximbank is signaling its ambition to strengthen trade between African countries.
The recent announcement of the increase in intra-African trade financing to $40 billion by 2026 by Afreximbank is encouraging news to boost economic exchanges on the continent. Indeed, by doubling its financial commitment, the bank shows its determination to support initiatives promoting regional trade integration in Africa.
The launch of the Pan-African Payment and Settlement System by Afreximbank is also a major step forward in facilitating trade transactions between African countries. By creating financial tools tailored to the needs of intra-African trade, the bank contributes to reducing the barriers and costs associated with trade on the continent.
Afreximbank Executive Vice President Haytham ElMaayergi highlights the importance of collaboration between African institutions to ensure the success of the AfCFTA. By establishing strategic partnerships with the AfCFTA Secretariat and the African Union Commission, Afreximbank is strengthening its leadership position in facilitating intra-African trade.
Established in 1993, Afreximbank has since been a key player in financing and promoting intra- and extra-African trade. With its specialized subsidiaries such as the Export Development Fund for Africa (FEDA) and AfrexInsure, the bank offers innovative financial solutions to support African businesses and foster their expansion in the continental market.
In conclusion, Afreximbank’s renewed commitment to intra-African trade is a testament to its unwavering support for the continent’s economic integration. By investing in initiatives such as the Pan-African Payments and Settlement System, the bank is actively contributing to building a business environment conducive to Africa’s growth and prosperity.