The African Export-Import Bank (Afreximbank) is set to double its financing for intra-African trade, increasing it from $20 billion in 2021 to $40 billion by 2026.
This announcement was made by Mr. Haytham ElMaayergi, Afreximbank’s Executive Vice President, Global Trade Bank. It was during the African Caucus Meeting held in Abuja from August 1 to 3, 2024.
The meeting brought together finance ministers and central bank governors from across Africa. It focused on “Facilitating Intra-African Trade: Catalyst for Sustainable Development in Africa.” Discussions centered on the challenges to Africa’s full integration and explored strategic solutions.
Afreximbank has been at the forefront of promoting intra-African trade since its establishment. Mr. ElMaayergi highlighted that the bank has committed $1 billion to support the AfCFTA Adjustment Fund. Additionally, a $10 million grant has been provided to aid in the fund’s establishment and operationalization.
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Supporting African Development Initiatives
Moreover, Afreximbank is collaborating with the AfCFTA Secretariat and the African Union Commission (AUC). The goal is to ensure the successful rollout of the Pan-African Payments and Settlements System, the African Trade Gateway, and the Afreximbank African Collaborative Transit Guarantee Scheme.
Since its inception in 1993, Afreximbank has approved over $40 billion in support of Nigerian public and private sector projects. Nigeria, as a key founding member and the bank’s second-largest shareholder, continues to play a vital role in its growth.
Mr. ElMaayergi emphasized the importance of the Alliance of African Multilateral Financial Institutions (AAMFI), which was launched to address Africa’s critical financing gaps.
He called on participants to reaffirm their commitment to these institutions. He also urged the World Bank and IMF to work closely with AAMFI to tackle the continent’s challenges.
Moreover, he stressed that special privileges and immunities granted to these institutions are crucial for Africa’s development.
AAMFI’s membership includes major African financial institutions such as the Africa Finance Corporation, Trade and Development Bank Group, and African Reinsurance Corporation.
These institutions are seen as essential in advancing the African Union’s Agenda 2063 and strengthening the continental financial framework.