Afreximbank unveils a new intra-African trade financing strategy
The bank wants to help businesses diversify their exports.The African Export-Import Bank (Afreximbank) is currently finalising its financing strategy for intra-African trade.
Its president, Dr. Benedict Oramah, announced at the forum Africa16 that the bank aims to be a leader in this field.
This new funding strategy aims to increase trade between African countries by supplying the financial means necessary for the production and distribution of goods and services, according to Fraternité Matin.
One of the focuses will be to put processing companies in connection with commercial export companies, which will manage their exports in order to allow them to focus on production.
In addition, the bank wants to help businesses diversify their exports. The president of Afreximbank said this would help lower the continent's reliance on exports of raw materials.
He cited the example of "the African Cocoa Initiative" which he said is a "response to the paradox that Africa, which dominates the world production of cocoa, generates low revenues from operations in this sector due to the fact that almost all of the bean processing is done outside the continent."