Cairo, 21 July 2022 – African Export-Import Bank (Afreximbank) and the East Africa Business Council (EABC) have launched the EABC – Africa Trade and Investment Council, with the goal of creating a platform for engagement and investment between the East Africa Community (EAC) and the rest of Africa, to unlock investment opportunities, private sector development and business growth.
Launched in Rwanda, the Council will help the private sector in EAC to engage with the rest of Africa with a view towards increasing access to intra-African investment as well as trade and market information through trade fairs and investment forums, while increasing knowledge and awareness. Through this arrangement, Afreximbank will provide a range of its financing instruments and trade facilitation initiatives to facilitate intra-African trade and investment under the African Continental Free Trade Agreement (AfCFTA).
Speaking at the launch, Mrs. Kanayo Awani, Afreximbank Executive Vice President, Intra-African Trade Bank, said: “We are delighted at the launch of the EABC-Africa Trade and Investment Council as it acts upon the ambition and commitment of the East African Community to achieve the objectives of the AfCFTA and the African Union Agenda 2030 – The Africa We Want. I look forward to the Council members taking advantage of the increased opportunities created by the AfCFTA. Afreximbank commits to support the trade and investment agreements generated from the EABC-Africa Trade and Investment Council.’’
Also speaking, Ms. Angelina Ngalula, Chairperson of the EABC, called on African governments to improve infrastructure connectivity, build manufacturing capacity and formulate a continental local content policy that encourages African companies to provide 40% of public procurement to accelerate economic growth and industrial development.
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About Afreximbank
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. Afreximbank deploys innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. The Bank has a rich history of intervening in support of African countries in times of crisis. Through the Pandemic Trade Impact Mitigation Facility (PATIMFA) launched in April 2020, Afreximbank has disbursed more than US$6.5 billion in 2020 to help member countries manage the adverse impact of financial, economic, and health shocks caused by the COVID-19 pandemic. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has completed the development of a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Afreximbank is working with the AU and the AfCFTA Secretariat to develop an Adjustment Facility to support countries in effectively participating in the AfCFTA. At the end of 2020, the Bank’s total assets and guarantees stood at US$21.5 billion, and its shareholder funds amounted to US$3.4 billion. Afreximbank disbursed more than US$42 billion between 2016 and 2020. The Bank has ratings assigned by GCR (international scale) (A), Moody’s (Baa1) and Fitch (BBB). The Bank is headquartered in Cairo, Egypt.
For more information, visit: www.afreximbank.com.
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Amadou Labba Sall: asall@afreximbank.com