The Executive Vice President, Business Development and Corporate Banking at the African Export-Import Bank (Afreximbank), Amr Kamel said transformation of trade in Africa is a task that all African financial institutions must collectively pursue as major stakeholders in Afreximbank, in order to facilitate African trade.
Kamel, who was represented by a Consultant on Financial Institutions/Trade, Ademola Adeyinka revealed his opinion while speaking in Dar es Salam, during a roadshow organised by Afreximbank for financial institutions to introduce the Afreximbank Trade Facilitation Programme (AFTRAF).
According to Kamel, Afreximbank was in a strong position to support African trade and African financial institutions. He pleaded with African banks to see Afreximbank as their partner of choice in international financing.
Kamel said “we understand African trade better than any other institution. We were set up by African governments under a Charter that has been signed to by 50 countries”.
He added that “we have a good credit rating that African financial institutions can leverage on and we have the ears of 50 African heads of state. That allows us to better understand the issues in each country, support the countries in finding solutions to trade finance challenges and resolve issues that may arise”.
Afreximbank came up with AFTRAF to create opportunity for Africa to bridge the trade finance gap with the rest of the world. Kamel noted that AFTRAF will also create the opportunity for African banks to enhance and complement existing trade finance lines with international financial institutions.
To address challenges, Kamel said Afreximbank would leverage its credit rating and supranational status to de-risk the perceived risks and unlock capital to support trade finance business in Africa. He announced that Afreximbank has on-boarded about 170 African banks and that the target was to get 700 banks by the end of 2019.