The 30th Annual General Meetings (AGM) of the African Export-Import Bank (Afreximbank) has been opened in Accra on June 18, 2023 with key stakeholders in Africa’s pursuit for a single market.
It also emphasized the need for collaborative efforts to enhance intra-African trade, in the face of challenges posed by the global COVID-19 pandemic and Russia’s invasion in Ukraine.
Addressing participants on Day 1 of the 30th Annual General Meetings of the African Export and Import Bank, Dr. Ernest Addison, Governor of the Bank of Ghana, commended Afreximbank for its collaborative approach in engaging with other African institutions to address key challenges.
“The chosen theme (Delivering the Vision: Building Prosperity for Africans) appropriately offers an opportunity to all stakeholders gathered here, not only to celebrate the success of AFREXIMBANK over the last thirty years, but also to reflect on how we can meaningfully contribute to Africa’s recovery process after the pandemic, speed up intra African trade and improve Africa’s trade performance in the global market place through the creation of a single market for goods and services, promote industrial development through diversification and regional value chain development and also to enhance capital flows into Africa.” he said.
Adding that Afreximbank had been very supportive of Ghana and had, over the years, provided more than two billion dollars to support the Ghanaian economy.
Representing Mohamed Ahmed Maait, Egypt’s Minister of Finance and Chairman of the Afreximbank Annual Meetings, Gamal Negm, Deputy Governor of the Central Bank of Egypt, emphasized the imperative for Africans to work collectively in finding integrated solutions to the prevailing challenges.
Wamkele Mene, Secretary-General of the AfCFTA Secretariat, highlighted the significance of Afreximbank’s role in African trade finance integration. Stressing that while eliminating trade barriers was crucial, trade finance was equally essential for the success of intra-African trade.
He explained that to achieve the vision of a combined GDP of $16.2 trillion by the year 20250, the structures must be built now to ensre trade is accessible, a reality, and at lower of cost so that SMEs across the continent can benefit. Hence the critical role of the partnership with Afriexim bank
Mahamadou Issoufou, former President of Niger, said that with Africa accounting for a significant proportion of the world’s arable land, it was time for the continent to be able to feed itself, noting that a focus on agriculture and agro-industrialisation would also lead to creation of employment.
Mr. Issoufou commended Afreximbank for its support for the AfCFTA project, which had included supplying indispensable personnel, in addition to making investments, such as the AfCFTA Adjustment Fund to help countries adapt to the AfCFTA and improve their ability to compete in the new trade regime for which the Bank had already provided $1 billion.
The Afreximbank as part of the event also launched its wholly owned insurance management services subsidiary, AfrexInsure. With credible knowledge of Africa, AfrexInsure will leverage on its risk expertise to provide solutions in sectors critical for the growth and establishment of trade and investment intercontinentally.
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA.