Afreximbank to Double Intra-African Trade Financing to $40bn by 2026

Rebecca Ejifoma

Afreximbank has said that it intends to double its financing of intra-African trade to $40 billion on a revolving basis by 2026, up from $ 20 billion in 2021.

The Executive Vice President of Intra-African Trade Bank, Afreximbank, Kanayo Awani stated this during a media briefing ahead of the Intra-Africa Trade Fair (IATF2023) in Cairo, Egypt, themed, “Positioning Nigeria to Harness the Opportunities Under the African Continental Free Trade Area (AfCFTA).”

She added that the bank has also developed financing and facilitation instruments to support trade and investments. 

Wani said the Cairo trade fair will showcase the immense benefits and opportunities the IATF holds.

She charged the governments, banks, and the Federal Capital Territory (FCT) to provide Small and Medium Enterprises (SMEs) a unique platform to thrive.

She encouraged the public and private sector to grow and expand their businesses, drive intra-African trade, and support economic integration under the AfCFTA through the fair.

“That is why I’m charging the government, financial institutions, and states to support and sponsor participants to come to the trade fair in Egypt, “Awani said. 

She said Afreximbank’s has invested over $36 billion into the Nigerian economy since it was created in 1993 through its trade and project financing. 

“This support has covered sectors and industries, including energy, transport, financial services, healthcare, manufacturing, and trade infrastructure, “she said. 

She said Afreximbank’s commitment to contribute to the nation’s economic growth, is evident in several flagship projects underway.

“Among the projects are the $300 million 500-bed Africa Medical Center of Excellence (AMCE) ongoing in Abuja in partnership with King’s College, London, Afreximbank Africa Trade Centre (AATC), also in Abuja, and the Africa Quality Assurance Center (AQAC) in Shagamu, Ogun State already operational, “she said. 

On his part, the CEO of the Nigerian Export Promotion Council (NEPC), Dr. Ezra Yakusak, underscored the goal of IATF to connect sellers and buyers in Africa.

Yakusak added: “This fair is an avenue to promote trade and investments between the African countries.