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By Maxwell
Awumah, GNA
Hohoe, July 18, GNA – Dr. Akinwumi Adesina,
President of the African Development Bank (AfDB), said
Export-Import Bank (Afreximbank) has become a reputable and strong regional organization
financial institution of development, meeting important financing needs in the trade
development and trade finance in Africa.
Afreximbank and the African Development Bank
have a collaborative and productive relationship since its inception 25
years ago.
The celebration of the 25th anniversary was marked by
a critical funding agreement of US $ 500,000 between
Development Bank and Afreximbank
In recent years, the African Development Bank
supported Afreximbank with $ 450 million trade finance packages in 2017,
$ 280 million in 2014, a line of credit of $ 150 million in 2010, as well as a
$ 250 million support package to mitigate business risk.
Dr. Adesina, who spoke at a gala dinner at
Annual Meetings 2018 and 25th Anniversary of Afreximbank in Abuja, in a
release, badured that the Bank would remain united, unshakable and strong
its badistance to the continued growth of the import-export bank.
"Africa is in a hurry because she is hungry for
economic transformation. We have to leave quickly old methods of intervention
to face emerging challenges and take advantage of opportunities.
"The recent positive rating from Moody's is a
Afreximbank management signal and brand of shareholder.
confidence is also manifested in the capital increase of Afreximbank
base, "said Adesina.
As a
founding parent, the African Development Bank is proud of its instrumental role
by establishing the foundations of Afreximbank and the achievements that the institution
has made its strategic partner, especially in trade finance in Africa,
Adesina said.
The Bank also collaborates with
Commission of the Union, Economic Commission for Africa,
Communities, Afreximbank and other partners to ensure that African countries
can provide better trade facilitation, increased trade finance and beneficial policies
to increase the trade.
Adesina declared the signature of Africa
Continental Free Trade Agreement (AgCFTA) in March 2018 by the majority of
African countries will allow Africa to better trade with itself and
the attractiveness of the continent as an investment destination.
The President said: "This is particularly true
the trade finance space. We need to be smarter and faster by responding to
growing opportunities and emerging challenges faced by the majority of
small businesses on the continent. "
African countries show resilience
illustrated by the share of intra-African trade, which went from 10 to
percent in 2000 to 16 percent last year.
Since the signing of the ALECEA, the
The Development Bank has allocated US $ 4.5 million to boost intra-African trade
and create more synergies with the Bank's priorities under the High 5 program.
"We need to develop significantly
Trade. For example, the equivalent figure for Europe is close to 80%.
For this to happen, Africa needs to be bolder in its approach and expand its
appeal by reducing administration and transaction costs, especially at the borders,
as well as overcome market segmentation and improve overall investment
climate. "
The project, financed by the Private Sector Fund
The sectoral badistance (FAPA), aims to promote the development of factoring
as an alternative instrument of trade finance in Africa. Investment confirms
the African Development Bank's commitment to support Africa extra and intra-African
commercial promotion.
"If Africa wants to integrate and improve
standard of living of its people, we must use innovative financial solutions
like factoring and credit insurance, which offer keys to unlock the growth of
President Adesina said:
He spoke about how finance and investment were small and medium-sized enterprises in Africa.
at the very end of economic transformation, stressing that the Bank
opened another route to African investment through investment in Africa
Forum (AIF), scheduled from 7 to 9 November in Johannesburg.
"The Investment Forum in Africa,
investment market, will provide a unique platform for investment
negotiations, finance, transactions and a market to conclude
accelerate the economic development of Africa. "
The President of Afreximbank Bank, Benedict
Oramah, praised the steadfast support of the African Development Bank,
adding that the two institutions shared a common vision – a reason for Afreximbank
aligns its objectives with the priorities of the Bank's High-5.
GNA
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