AFREXIMBANK stresses importance of Intra-Africa Trade

African Export-Import Bank has emphasised the importance of intra-Africa trade, saying it has potential to transform the economy. The Managing Director of the Intra-African Trade Initiative at the African Export-Import Bank, Kanayo Awani, specifically said Egypt could be a front runner in transforming intra-African trade and boosting innovation and industrialisation on the African continent.

 He spoke in Cairo during the opening of a one-day workshop on intra-African trade, organised by Afreximbank. Awani said that despite current low trade figures, opportunities abounded and there were many areas in which Egypt could expand its trade with the rest of Africa.

She said, “With the new significant policy shift toward export promotion, especially within Africa, and capitalising on regional trade agreements, like COMESA and the upcoming Continental Free Trade Area, an improved and dedicated shipping line from Sokhna Port to Mombasa, quality and competitive Egyptian products and services, Egypt can transform its trade with Africa and become a major trade partner.” Egypt could expand its export trade in textiles, electricity, utilities and construction services, said Awani, who added that there were opportunities to boost pharmaceuticals exports to Nigeria, and furniture to Kenya, as well as to import beef from Sudan and fruits and vegetables from East Africa.

The managing director said that Afreximbank had engaged with Egyptian businesses last year in order to address their trade finance needs and to identify the trade facilitation issues they faced as they tried to expand into existing African markets or to enter new ones. She explained that the bank decided to organise the workshop in order to respond to some of the concerns that had been expressed by the businesses and to share some of the bank’s interventions that responded directly to the issues raised. Awani added that Afreximbank’s relationship with Egypt dated back almost 25 years, saying that since its inception in 1993, the bank had disbursed credit facilities in excess of $17.5bn in support of Egyptian corporates and financial institutions.


(Punch)