Afreximbank to invest $25 billion in the promotion of trade exchanges in Africa

Mar 26, 2018 | Ecofin Agency

Afreximbank will invest $25 billion to boost trade exchanges in Africa. This was announced by Benedict Oramah (photo), the bank’s chairman.

According to the manager, whose comments are relayed by The Guardian Nigeria, the fund is part of the 5-years program which started in 2016 and will run till 2021. On the sidelines of AU’s extraordinary summit, aiming at recording the creation of African Continental Free Trade Area (AfCFTA), the leader said that the bank specialized in import-export had already opened credit lines worth $800 million, to 55 banks across the continent. These credit lines are expected to reach about 500 banks in all African countries by 2021. Let’s recall that 44 countries signed AfCFTA’s creation agreement, which should come into force by September. Afreximbank's strategy to promote intra-African trade should enable countries to support the financing of the continent's largest trade integration project. Source: Ecofin Agency