Afreximbank Pledges Support to Cape Verde

Categories: Press Releases

A delegation from the African Export-Import Bank (Afreximbank) visited Cape Verde from 1 to 5 April for discussions on how the continental trade finance bank could support the island nation in the development of the industries and infrastructure for its blue economy.

The delegation, which was led by Amr Kamel, Executive Vice-President in charge of Business Development and Corporate Banking, was received by Dr. José Ulisses Correia e Silva, Prime Minister of Cape Verde, and also held meetings with Olavo Avelino Garcia Correia, the Minister of Finance, and José Gonçalves, the Minister of Economy and Employment.

It also met with Carlos Furtado, a Board Member/Executive Director of Banco de Cabo Verde, the country’s central bank.

The visit was capped with a half-day business forum, organised on the Island of Sal by Afreximbank in collaboration with the Ministry of Finance and Cabo Verde Trade Invest, with attendance by some 50 business organisations.

Addressing the forum, Mr. Kamel said that Afreximbank was committed to providing the necessary financial and advisory support to enable Cape Verde grow its blue economy, adding that, in line with the country’s Road Map 2020 for Renewable Energy, the Bank was particularly interested in shipping, port facilities, fisheries, aquaculture, hospitality and eco-tourism, power and renewables.

“Ninety per cent of Africa’s imports and exports are conducted through the sea,” said Mr. Kamel. “The Bank intends to play a significant role in expanding the ocean-based economic infrastructures of its coastal or small island member states, which is not only key to ensure their sustainable development but also critical for the growth of intra-African trade.”

Since 2012, Afreximbank has approved about 100 million Euros to support the tourism industry in Cape Verde as part of its strategy to boost intra-African trade and accelerate the Africa’s industrialization.

Mr. Kamel was accompanied by Rene Awambeng, Afreximbank’s Director of Client Relations.