The sum of $15 billion out of the $25 billion earmarked to support intra-African trade has been disbursed by The African Export-Import Bank (Afreximbank).
The money released in the current five-year strategic plan of the bank is to finance and promote intra- and extra-African trade, owned by African governments, private and institutional investors, and non-African investors.
It reported that Nigeria is a major stakeholder, and noted that it was delivering on the commitments it made in support of the implementation of the African Continental Free Trade Agreement (AfCFTA).
Opening the “Africa 2019: Investment for Africa Forum”, in Egypt, the bank’s President, Prof. Benedict Oramah, said the funding has been helping to bridge the trade finance gap in Africa.
He added that Afreximbank would soon commence the piloting of a Pan-African Payment and Settlement System, which will allow cross-border trade in Africa to be done in national currencies, thereby addressing the issue of high cost of payments.