Durban – The African Export-Import Bank (Afreximbank) has committed USD 40 billion to support intra-African trade over the next five years.
With this amount, Afreximbank doubles the US$20 billion of the last five years, its chairman, Benedict Oramah, said at the Intra-African Trade Fair, which began Monday in Durban (South Africa).
Addressing six African presidents and a large audience of businessmen on the opening day of the second edition of the event, which runs until 21 November, he said that Africa is beginning to build its own institutions, such as the case of this bank.
“Trade agreements have worked in more mature markets because they have institutional mechanisms that support their implementation,” he stressed.
In addition to the $40 billion, Afreximbank is providing confirmation letter of credit lines to African commercial banks to support international trade.
In the specific case of Angola, Banco de Fomento de Angola (BFA) became the first Trade Finance Intermediate (TFI), i.e. the first commercial and financial agent/intermediary of Afreximbank.
Afreximbank aims to integrate 500 banks with aggregate lines of over USD 8 billion. To date, it has integrated almost 480 peer institutions and has the largest messaging links with African banks.
Source: Angola Press News Agency