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Afreximbank launches strategy to grow intra-African trade by 50% by 2021 - Daily News Egypt

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Afreximbank launches strategy to grow intra-African trade by 50% by 2021

The strategy would allow the expansion of domestic trade value chains, strengthening the capacity of African economies, says Afreximbank president

The African Export-Import Bank (Afreximbank) will launch its new Intra-African Trade Strategy on Wednesday, according to press statement released on Monday.

The statement said the strategy aims at increasing Africa’s industrialisation and intra-African trade by 50% by 2021.

In this regard, the bank is working on developing an Egypt-Africa Trade Promotion Programme (EATPP), to which the bank has allocated $500m.

The programme targets providing facilitations, including the financing and provision of insurance and guarantees to support Egyptian exports to the bank’s member states. It also includes financing and provision of payment guarantees for Egyptian imports from members of the bank.

President of Afreximbank, Benedict Oramah said intra-regional trade would drive added value in Africa and help in reducing the continent’s dependence on commodities.

Oramah added the strategy would allow for the expansion of domestic trade value chains, and strengthen the capacity of African economies to become more resistant to economic crises.

“Through the Intra-African Trade Strategy, the Bank will deepen the access of traders to African markets by creating effective and cost-efficient distribution mechanisms. In addition to, support the expansion of products and increase the goods flow and services among African countries,” added Oramah.

Regarding the bank’s support to Egypt, Oramah noted that the bank will expand the partnership between Egypt and Afreximbank, aiming to boost Egyptian trade with other African countries.

The bank announced in December 2015 that, in the light of the programme, the bank is committed to financing projects implemented by Egyptian investors in the bank’s member states, as well as supporting Egypt’s efforts towards the development of small and medium enterprises (SMEs), and developing supply chains through providing lines of credit for new companies.

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