AfCFTA : Afreximbank Pledges $40 billion to Support Intra-African Trade

The President and Chairman of the Board of Directors, Afreximbank, Prof Benedict Oramah, has welcomed the need for deliberate action to remedy the continued reliance of Africa on external trade partners, noting that the African Continental Free Trade Area (AfCFTA) provides the platform to do that.

Addressing the second African Sub-Sovereign Governments Network (AFSNET) Conference on Friday in Abuja, organised by the Afreximbank in collaboration with the secretariat of AfCFTA and the Nigeria Governors’ Forum, Oramah pledged the commitment of Afreximbank in the coordinated efforts to boost intra-African trade.

Prof Oramah said the bank has disbursed over $20 billion in the 5 years to 2021 in support of intra-African trade and on the way to double this to $40 billion in the next 5 years.

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”We have supported the AfCFTA Secretariat through current funding; launched in collaboration with the AfCFTA secretariat and AU Commission, the Pan-African Payment and Settlement System (PAPSS) to support payment for intra-Africa trade in African currencies.

”A USD 3 billion facility for clearing and settlement is available for a continent-wide operation of the system; We have also launched the African Collaborative Transit Guarantee Scheme to enable goods to move across borders easily,” he said.