African Export-Import Bank Pledges to Assist Continental Trade, Cross-Border Investments

Addis Ababa October 19/2018 The African Export-Import Bank (Afreximbank) has renewed its commitment to support and finance Africa’s free trade and cross-border investment today. At a joint press conference he held with African Union Trade and Industry Commissioner Albert M. Muchanga, Afreximbank Chairperson Pat Utomi said the bank will finance, promote and expand the intra-African and extra-African trade in the coming years. Afreximbank will foster assistance for the realization of the African Continental Free Trade Agreement by emphasizing the need for the structural transformation of African economies, he added. Utomi pointed out that Afreximbank “will finance and support the private sector to proactively participate in the African Continental Free Trade Agreement.” According to the chairperson, the bank has been working to strengthen the intra-African trade strategy and export in order to facilitate intra-African trade and promote industrialization. The intra-African trade value and market chain are very limited among Africa’s countries, he noted, further stressing that Afreximbank will strive to stimulate a consistent expansion, and diversification and development of African trade in order establish a profit-oriented and vibrant investment destination. The chairperson revealed that intra-African trade is only 15 percent of Africa’s total trade, compared to Europe’s 67 per cent. “We need a sustained strategic shift to industrialization and increased intra-African trade and value addition for export diversification.” Utomi   pointed out that Afreximbank will promote export diversification and trade linkage by facilitating financial accesses for each member country of Africa. African Union Trade and Industry Commissioner Albert M. Muchanga said Afreximbank has been playing positive role in bringing stronger trade linkage between African countries. Recalling the signing of the African Continental Free Trade Area (AfCFTA) Agreement, he added that Afreximbank is extending support. The African Export-Import Bank (Afreximbank) is the foremost Pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade, it was learned. African Export-Import Bank was established in Abuja, Nigeria in October, 1993 by African governments, African private and institutional investors as well as non-African financial institutions and private investors for the purpose of financing, promoting and expanding intra-African and extra-African trade. The authorized share capital of the bank is 5 billion USD.