African Development Bank welcomes Afreximbank's efforts to advance intra-African trade

"Africa is in a hurry because it is thirsty for economic transformation, we must quickly get rid of the old methods of intervention to deal with emerging challenges and take advantage of opportunities," he said. President Adesina to Afreximbank's 25th Anniversary Participants

The African Export-Import Bank (Afreximbank) has become a reputable and strong regional development finance institution, meeting significant financing needs for Africa. Trade Development and Trade Finance in Africa, said Akinwumi Adesina, President of the African Development Bank. The African Development Bank has been building collaborative and productive relationships since its inception 25 years ago. In recent years, the African Development Bank has supported Afreximbank with commercial financing of $ 450 million in 2017, $ 280 million in 2014, 150 million lines of credit in 2010 and $ 250 million to mitigate risk commercial.

Adesina, who spoke at a gala dinner at the 2018 Annual Meetings and Afreximbank's 25th Anniversary in Abuja, badured that the Bank would remain supportive, firm and strong in its badistance to the continued growth of the import-export bank. The recent Moody's positive rating is a sign of Afreximbank's good management, and the mark of shareholder confidence is also reflected in the increase in the capital base of the company. Afreximbank, "said Adesina. As a founding parent, the African Development Bank is proud of its pivotal role in setting up the Afreximbank Foundations and the institution's achievements as a strategic partner, particularly in financing the Afreximbank Foundation. trade in Africa. The Bank is also collaborating with the African Union Commission, the Economic Commission for Africa, the Regional Economic Communities, Afreximbank and other partners to ensure that African countries are able to offer their services. Better Trade Facilitation, Increased Trade Finance and Trade Facilitation The President said: "This is especially true in the area of ​​trade finance. We need to be smarter and faster to respond to the growing opportunities and emerging challenges faced by the majority of small businesses on the continent. "

Adesina said that the signing of the agreement on the Africa Free Trade Area in March 2018 by the majority of African countries will allow Africa to trade more with it. and enhance the attractiveness of the continent as an investment destination.

the share of intra-African trade, which rose from 10% in 2000 to 16% last year.

Since AAGFTA As it was signed, the African Development Bank has allocated $ 4.5 million to boost intra-African trade and create more synergies with the Bank's priorities under the African Development Bank. Top 5.

"We need to significantly expand intra-African trade. For example, the equivalent figure for Europe is close to 80%. For this to happen, Africa needs to be bolder and broaden its appeal by reducing administrative and transaction costs, especially at the borders, as well as overcoming market segmentation and improving the climate of Africa. 39, global investment.

The African Development Bank and Afreximbank Collaborate on the Signing of a US $ 500,000 Grant Agreement

The project, funded by FAPA, aims to promote the development of factoring as an alternative instrument of trade finance. This investment confirms the commitment of the African Development Bank to support the promotion of extra-African and intra-African trade.

"If Africa wants to integrate and improve the standard of living of its people, we must use innovative financial solutions such as credit insurance, which offers keys to unlock the growth of small and medium-sized businesses. medium-sized enterprises in Africa, "said President Adesina. He explained that finance and investment are at the forefront of economic transformation, pointing out that the Bank is opening a new path to African investment through the planned Africa Investment Forum (AIF). from November 7th to 9th in Johannesburg. "The Africa Investment Forum, the investment market in Africa, will provide a unique platform for investment negotiations, finance, transactions and a market to enter into agreements to accelerate the pace of investment. economic development of Africa. "

Benedict Oramah, praised the African Development Bank's unwavering support, adding that the two institutions share a common vision – a reason why Afreximbank aligns its objectives with the priorities of the Bank's Top 5.