Thursday , January 27 2022

Afreximbank wants to boost the volume of intra-African trade


In order to give financial institutions, bankers and professionals from regulatory agencies, large corporations and law firms in Africa the skills they need to deal with the complexities of financial transactions in an uncertain global economy. The main objective of the Annual Seminar on Structured Trade Finance organized by the African Export Export Bank (Afreximbank), a pan-African financial institution set up in Abuja, Nigeria, in October 1993, in conjunction with the Ministry of Finance. Economy and Finance.
"There is considerable potential for intra-African trade," said Faouzia Zaâboul, Treasury director of the Ministry of Economy and Finance, opening the seminar, which runs from Wednesday 7 to Friday 9 November.
Potential that can still be exploited with little. Indeed, referring to a study carried out last year on African trade by this organization, she said "the volume of intra-African trade is about 150 billion dollars, which represents only 15% of total trade on the continent African, this means that the way to get caught is very important.
Therefore, for Afreximbank, it is not a matter of being satisfied with such a small proportion. The bank intends to raise it to 21% by 2021 and to set around $ 250 billion, according to the Executive Vice President, Business Development and the corporate Bank of the organization, Amr Kamel.
Speaking about Bank activities in Morocco, he said during a media meeting that they had started a few years ago, by becoming a shareholder of the financial institution, Kingdom allows its companies to benefit from increasing resources to support as they expand in Africa.
Committed to the financing and promotion of intra-African trade, Afreximbank "facilitates and promotes trade in-Africa through credit lines. The bank also offers instruments such as guarantee programs, commercial information and advice services," says Gwen Mwaba, director and head of trade finance, at the seminar presentation.
"We are also trying to fund leadership in Africa, filling out the vacancies created by foreign banks that have cut money on the continent," he says, stating that Cairo's financially-based financial institution is celebrating this year its 25 years of existence.
During her speech, Gwen Mwaba also reviewed the role of mediators that the bank deals with different operations and recalls that the financial institution is created by African governments, private and institutional investors in Africa as well as financial institutions and non-African private investors for the financing, promotion and development of trade between African countries as well as with other regions of the world.
It should be noted that Afreximbank is supported by four categories of shareholders. The first category (A) includes African governments, central banks, African regional and sub regional organizations; the second category (B) includes private investors and African financial institutions, whereas the third category (C) includes financial institutions, export credit agencies and non-African private investors. After expanding recently, the fourth category (D) allows the attribution of shares to any natural or legal person.

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