Cairo, 19 July 2021: – The African Export-Import Bank (Afreximbank) has announced a US$300,000 grant to the World Food Programme (WFP) in Egypt to fund the rehabilitation of the Luxor Coordination Centre for Knowledge sharing and Innovation to promote Resilience in Upper Egypt.
The Luxor Center, established by WFP in partnership with the Ministry of Agriculture and Land Reclamation, provides a platform for collaboration, knowledge sharing, technology transfer and expertise exchange between civil society, academia and neighbouring African countries.
Building on Egypt’s institutional capacity and WFP’s strengths in operational and programmatic design, this exchange of knowledge aims to engage leaders and key stakeholders to replicate successful development models to work towards the achievement of Egypt’s Sustainable Development Strategy 2030.
The two-year grant will be used to equip conference halls used to facilitate the sharing of insights from national programmes with other countries through exchange visits, workshops and conferences.
“Empowering local communities in Africa is essential for inclusive growth and economic development. The Luxor Center is a beacon of hope to communities in Upper Egypt as it supports knowledge sharing and collaboration, which is indeed the backbone of a prosperous community,” Prof. Benedict Oramah, President of Afreximbank, said. “We are glad to have supported the Center to rehabilitate their building and accelerate the roll out of essential programmes necessary to drive social and economic change.”
Afreximbank’s support was made possible by the Bank’s Grant Programme, which helps African organizations developing the continent expand their activities while addressing the Bank’s strategic priorities centred around supporting Africa’s trade and industrialization agenda.
“The government and WFP have been working hand in hand on the establishment of the Luxor Center for Knowledge Sharing and Innovation that will serve as a platform for innovation, knowledge sharing and identification of good practices,” WFP Egypt Acting Country Director Dragica Pajevic-Alp. “Today, I am happy to welcome Afeximbank on board, a new partner in our journey providing the initial fund to launch the different activities of the centre and adding a key milestone towards its establishment acting as an entry point to Africa.”
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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.
The United Nations World Food Programme is the world’s largest humanitarian organization, saving lives in emergencies, building prosperity and supporting a sustainable future for people recovering from conflict, disasters and the impact of climate change.
Afreximbank: Amadou Labba Sall, firstname.lastname@example.org
WFP: Amina ALKOREY, email@example.com