The African Export-Import Bank (Afremimbank) has launched a strategy to develop intra-African trade.
The bank aims to support Africa’s industrial sector to increase the volume of Intra-African trade to US$250bn by 2021, from the current $170bn trade volume.
Ministries of Foreign Affairs and International Cooperation, Trade and Industry and Investment, in addition to a number of ambassadors of African countries and representatives of Arab, African and international delegations and organizations attended the launch ceremony in Cairo.
Those attending the launch ceremony discussed the recent increased cooperation between Egypt and other African countries through the Egyptian-African programme to promote trade. Through this initiative, the bank has allocated a $500m credit line to facilitate the movement of trade between Egypt and other African countries, as well as promote Egyptian exports in African markets. The bank has disbursed $300m under the framework of the programme.
Benedict Oramah, the chairman of Afremimbank, said that developing Intra-African trade will help reduce the continent’s dependence on basic goods and raw materials, and will shift efforts to expanding the production of high added-value goods, eventually improving the abilities of African economies to overcome the obstacles they face.
Oramah added that the strategy facilitates communication between importers and exporters in African markets by developing innovative methods and reducing the cost of distribution mechanisms. Moreover, it will help increase the flow of basic goods and services around the continent to achieve regional financial inclusion among African countries and support the production and export abilities of manufacturers.
In terms of the protocol to support Egypt, Oramah expressed his confidence saying, “We will support the Egyptian government and the Egyptian people, and continuously try to strengthen the partnership between Egypt and the bank to achieve the desired results and enhance trade between Egypt and Africa”.