Kenyan President William Ruto on Friday, July 14, called upon African countries to support the African Export-Import Bank – Afreximbank.
Speaking during a meeting with Afreximbank President Benedict Oramah at State House, Nairobi, President Ruto lauded the cooperation between Kenya and the Cairo-based bank noting that it had proven to be a key development partner.
According to Ruto, the Pan-African bank will play a key role in intra-Africa trade through its payment facilities tailored to help ease transactions in African cross border trade.
“Afreximbank is our organisation. It supports our development, financing and implementation of identified projects,” Ruto stated.
President Oramah was in Kenya for a visit in which both parties were expected to close deals under the Fund for Economic Development in Africa.
According to a statement by State House Nairobi, Afrieximbank is currently funding several projects in Kenya- among them special economic zones in select locations.
Additionally, the financial institution has committed to financing the operationalisation of a leather processing plant in Kenya and Rivatex Textiles East Africa which is a major textile processing plant.
Afreximbank, a Africa’s Trade Partner
Besides its investment in development projects across the continent, Afrieximbank champions for ease intra Continental trade between African countries.
The Pan-African Payment and Settlement System (PAPSS) launched in 2022, for example, is looking to provide a convenient platform through which African countries can make cross border payments in their local currencies.
The African Union (AU) adopted the system as the anchor of the African Continental Free Trade Area (AfCTA).
Through PAPSS, players in intra-Africa trade will make transactions at a lower rates cost and pay for goods and services within a shorter time.
Moreover, Afreximbank launched other systems includingthe Afreximbank Trade Payment Services (AFPAY) to cushion African traders from the challenges stemming from the withdrawal of many international banks from the continent.