African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has announced its plans to increase its financing of intra-African trade from US$20 billion in 2021 to US$40 billion by 2026, according to Mr. Haytham ElMaayergi, Afreximbank’s Executive Vice President, Global Trade Bank.
Mr. ElMaayergi recently spoke at the African Caucus Meeting of the World Bank Group and the International Monetary Fund (IMF) in Abuja from August 1 – 3, 2024, where he represented Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank. The meeting, attended by ministers of finance and Central Bank Governors from across Africa, focused on the theme “Facilitating Intra-African Trade: Catalyst for Sustainable Development in Africa” to address challenges and find solutions for achieving full integration in Africa.
Highlighting Afreximbank’s commitment to supporting intra-African trade, Mr. ElMaayergi mentioned the Bank’s involvement in funding the AfCFTA Adjustment Fund and partnering with the AfCFTA Secretariat and the African Union Commission (AUC) to enhance trade systems in Africa.
In addition, Mr. ElMaayergi emphasized Nigeria’s significant role as a founding member and key shareholder of Afreximbank, with the Bank having supported Nigerian entities with over US$40 billion since its inception. He also mentioned the Bank’s involvement in various continental initiatives in Nigeria, such as the African Medical Centre of Excellence and the Afreximbank African Trade Centre.
Furthermore, Mr. ElMaayergi discussed the Alliance of African Multilateral Financial Institutions (AAMFI), launched to strengthen continental financial frameworks and advance the AU’s Agenda 2063. He called on the World Bank and the IMF to collaborate with AAMFI and reaffirm their support for African multilateral financial institutions.
The membership of AAMFI includes Africa Finance Corporation, Afreximbank, Trade and Development Bank Group, and other institutions dedicated to addressing Africa’s financing gaps and promoting trade.
For more information about Afreximbank and its initiatives, visit: www.Afreximbank.com