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AfDB lauds Afreximbank’s efforts to boost intra-African trade

AfDB lauds Afreximbank’s efforts to boost intra-African trade

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Feyisayo Popoola

The African Development Bank has commended the efforts of the African Export-Import Bank in advancing intra-African trade.

The President, AfDB, Akinwumi Adesina, described Afreximbank as a reputable and solid regional development finance institution that had been meeting significant financing needs in trade development and trade finance in Africa, according to a statement.

According to him, Afreximbank and the AfDB have enjoyed a collaborative and productive relationship since its inception 25 years ago.

He said, “The recent positive Moody’s rating is a signal of how well Afreximbank is managed, and the mark of the shareholders’ confidence is further manifested in the increase of Afreximbank’s capital base.

“As a founding parent, the AfDB is proud of its instrumental role in laying Afreximbank’s foundation and the achievements that the institution has made as its strategic partner, particularly in trade finance in Africa.”

Adesina stated that the AfDB would remain supportive, steadfast, and strong in its assistance for the export-import bank’s continued growth.

He added that the AfDB was also collaborating with the African Union Commission, Economic Commission for Africa, Regional Economic Communities, Afreximbank and other partners to ensure that African countries offer better trade facilitation, increased trade finance, and beneficial policies to increase trade.

Adesina said African countries were showing resilience as exemplified in the share of intra-African trade, which increased from 10 per cent in 2000 to 16 per cent last year.

According to him, the signing of the Africa Continental Free Trade Area agreement in March 2018 by the majority of African countries will enable the continent to trade more with itself and also enhance its attractiveness as an investment destination.

“Since the AfCFTA was signed, the AfDB has earmarked $4.5m to help boost intra-African trade and create more synergies with the bank’s high five priorities,” he said.

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