Harare, 10 December 2021 – African Export-Import Bank (Afreximbank) has been granted land in Harare by the Zimbabwean Government to build a landmark centre for facilitating intra-African trade.
Among other Afreximbank Africa Trade Centres (AATC) on the continent, the Harare AATC will house Afreximbank’s permanent regional office, a World-class hotel, a trade information centre, a major conference centre and a tech incubation lab. The centre is also set to accommodate other regional, continental, and global financial and development institutions. AATC will facilitate the flow of trade information and provide trade services across the Southern African Region.
The construction of the Harare AATC is scheduled to begin in the third quarter of 2022 and will immediately create employment opportunities for Zimbabweans. Once operational, it will help make Harare an intra-African trade hub and support the city’s rejuvenation as an important centre for financial services.
In handing over the land title to Afreximbank, Honourable July Moyo, Minister of Local Government and Public Works, said the AATC would help transform the landscape of the area and would become the “Afreximbank Smart City.” He also expressed the Government’s profound appreciation to Afreximbank for the unrestrained support to the Country.
“Zimbabwe remains greatly indebted to Afreximbank for the critical lifeline support that is geared at rejuvenating economic activity. As a country, we will continue to cherish such mutually beneficial partnerships that propel Zimbabwe forward on the economic front,” said the Hon. Minister.
In his response, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, said: “We are deeply grateful to the government and people of Zimbabwe for all the support rendered to Afreximbank and the donation of land for the Africa Trade Centre. Afreximbank has remained steadfast in its commitment to Zimbabwe—now more than ever during the COVID-19 pandemic. The AATC will be an iconic one-stop shop for the conduct of trade and make Harare a vital centre for delivering on the promise of the African Continental Free Trade Agreement.”
In his brief remarks to express the Zimbabwean Government’s appreciation to Afreximbank, Dr. John Mangudya, Governor of the Reserve Bank of Zimbabwe, said: “I wish to convey our heartfelt congratulations to Afreximbank for this beautiful piece of land in Zimbabwe. Afreximbank has in the past 28 years transformed the face of Africa by financing trade for sustained development. We look forward with great pride that our future is bright with the presence of Afreximbank in our country and the region.”
George Guvamatanga, Permanent Secretary of Finance, Trade, and Economic Development, reiterated the Governments appreciation to the Bank, saying that: “Our great appreciation goes to Afreximbank for the valuable support we continue to receive in the development of our country. Congratulations to the bank and congratulations to Africa for this event.”
The notable milestone handover ceremony was also attended by Afreximbank and senior officials from the Zimbabwean government including Mr Denys Denya, Executive Vice President in charge of Finance, Administration and Banking Operations at Afreximbank and Professor Mthuli Ncube, Minister of Finance, Trade, and Economic Development.
– Ends –
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.