Afreximbank: IATF Exceeded Targets, Recorded Deals worth $43.8bn

Dike Onwuamaeze

The The African Export-Import Bank (Afreximbank) yesterday, announced that the third Intra-African Trade Fair (IATF2023) held in Cairo last month witnessed the conclusion of business deals and transactions valued at $43.8 billion.

In final tallies released in Cairo, the organisers of the continental event said the amount represented the value of 426 deals concluded in 21 sectors covering 52 countries.

At a press conference to announce the results, the Executive Vice President (Intra-African Trade Bank) at Afreximbank, Mrs. Kanayo Awani, also announced that 130 countries participated in the trade fair, which attracted 1,939 exhibitors and 28,282 participants who attended physically and through the IATF virtual platform.

According to her, one of the notable transactions included the Export Agriculture for Food Security Framework executed by several African countries (as Origin Countries) and ARISE Integrated Industrial Platforms, Arise IIP (as Anchor Investor) to which Afreximbank committed US$2 billion to boost production, processing, and intra-African trade in agricultural products and to provide African farmers and agribusinesses with opportunities to access larger markets across the continent.

Awani, also said the IATF successfully established itself as the premier trade and investment event in Africa, with the unique capacity to increase intra-African trade and investment, especially in the context of implementing the African Continental Free Trade Area (AfCFTA) Agreement.

“Building on the successes of IATF2018 and IATF2021, I am proud to say that the buzz and energy generated by IATF2023 will be felt across Africa and beyond for many years to come. Together, we have explored new possibilities and opened new doors for a brighter future for our continent,” she added.

The IATF2023 kicked off on November 9, and included an official opening ceremony, a Presidential Summit which was addressed by President Abdel Fattah Al Sisi of the Arab Republic of Egypt, a Trade and Investment Forum, the Creative Africa Nexus (CANEX), among others.