https://www.polity.org.za
Deepening Democracy through Access to Information
Home / News / All News RSS ← Back
Africa|Export|Financial|Sustainable|System|Solutions
Africa|Export|Financial|Sustainable|System|Solutions
africa|export|financial|sustainable|system|solutions
Close

Email this article

separate emails by commas, maximum limit of 4 addresses

Sponsored by

Close

Article Enquiry

Afreximbank will double intra-African trade financing to $40bn by 2026

Close

Embed Video

Afreximbank will double intra-African trade financing to $40bn by 2026

Afreximbank Global Trade Bank EVP Haytham ElMaayergi 0824
Photo by Afreximbank
Afreximbank Global Trade Bank EVP Haytham ElMaayergi 0824

12th August 2024

By: Schalk Burger
Creamer Media Senior Deputy Editor

ARTICLE ENQUIRY      SAVE THIS ARTICLE      EMAIL THIS ARTICLE

Font size: -+

Trade finance institution the African Export-Import Bank (Afreximbank) plans to double its financing of intra-African trade from $20-billion in 2021 to $40-billion by 2026, Afreximbank Global Trade Bank executive VP Haytham ElMaayergi has said.

“Afreximbank had been a champion of facilitating intra-African trade since its founding. It has committed $1-billion to support the funding of the African Continental Free Trade Agreement (AfCFTA) Adjustment Fund, and provided a $10-million grant to facilitate the establishment and operationalisation of that fund,” he said during the African Caucus Meeting of the World Bank Group and the International Monetary Fund (IMF).

Advertisement

“The bank is also partnering with the AfCFTA Secretariat and the African Union Commission to ensure a successful implementation of the Pan-African Payments and Settlements System, the African Trade Gateway and the Afreximbank African Collaborative Transit Guarantee Scheme,” he added.

Additionally, the Alliance of African Multilateral Financial Institutions (AAMFI), launched in February, will enhance the effectiveness of other continental multilateral financial institutions created to help address the critical financing gaps in Africa and facilitate trade, he said.

Advertisement

Further, the AU had recognised African multilateral financial institutions as crucial for strengthening the continental financial framework and advancing the AU’s Agenda 2063, ElMaayergi said.

He called on the participants at the African Caucus Meeting to reaffirm their commitment to those institutions. He also urged the World Bank and the IMF to work with AAMFI in addressing the continent’s challenges.

“We especially call on you to reaffirm the special privileges and immunities that you have given these institutions, including the preferred creditor status, which are essential for addressing the continent’s development needs, and we call upon all stakeholders to respect the treaty obligations you have made to these institutions,” he said.

The theme of the African Caucus Meeting, attended mainly by African finance ministers and central bank governors, was 'Facilitating Intra-African Trade: Catalyst for Sustainable Development in Africa'. It was aimed at identifying key challenges facing Africa in achieving full integration and engaging in strategic dialogues to engender sustainable solutions.

EMAIL THIS ARTICLE      SAVE THIS ARTICLE ARTICLE ENQUIRY

To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here

Comment Guidelines

About

Polity.org.za is a product of Creamer Media.
www.creamermedia.co.za

Other Creamer Media Products include:
Engineering News
Mining Weekly
Research Channel Africa

Read more

Subscriptions

We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library.

Subscriptions are available via the Creamer Media Store.

View store

Advertise

Advertising on Polity.org.za is an effective way to build and consolidate a company's profile among clients and prospective clients. Email advertising@creamermedia.co.za

View options

Email Registration Success

Thank you, you have successfully subscribed to one or more of Creamer Media’s email newsletters. You should start receiving the email newsletters in due course.

Our email newsletters may land in your junk or spam folder. To prevent this, kindly add newsletters@creamermedia.co.za to your address book or safe sender list. If you experience any issues with the receipt of our email newsletters, please email subscriptions@creamermedia.co.za