Afreximbank

Abuja, June 22, 2023: The African Export-Import Bank (Afreximbank) in collaboration with the African Continental Free Trade Agreement (AfCFTA) inaugurated the Africa Trade Gateway (ATG).

A statement issued by BrandComms Agency in Abuja on Wednesday said the ATG was inaugurated on the sidelines of the ongoing 30th Afreximbank Annual Meetings in Accra.

The statement said the ATG is a suite of five digital platforms designed as a single window to enable the bank to better deliver on its mandate.

It said this would be done by providing critical services to support and promote African trade and the implementation of the AfCFTA.

“The gateway digital ecosystem comprises the MANSA (due diligence platform), the Pan-African Payment and Settlement System (PAPSS), the TRADAR Club, the Africa Trade Exchange (ATEX), and ATG Connect.”

The statement said the ATG was inaugurated by Ms Kanayo Awani, Executive Vice-President, Intra-African Trade Bank, Afreximbank.

It said Awani was quoted as saying :” Afreximbank’s digital evolution is part of its deliberate strategic response to address Africa’s key challenges.

“Also to accelerate the pace of development and foster economic prosperity for Africans using and applying digital technologies and business models.

“Each one of our digital interventions is designed to address clearly identified challenges and barriers for those seeking to engage in African trade and investment.

“I am pleased that each intervention has been successfully transformed from concept to reality and I commend the hard work of our colleagues and partners in achieving these milestones.”

Awani, however, said the bank was introducing a customer-centric ATG to consolidate results, maximise net effects, achieve greater efficiencies, and drive higher synergistic value,

She said the ATG would also quicken regional integration, extend and create new access markets and accelerate the digital economy in Africa.

Awani described ATG as the gateway into a definitive digital ecosystem made for Africa’s trade, supported by Afreximbank and the AfCFTA in collaboration with their partners.

“The ATG will answer the needs of businesses, governments, and stakeholders by enabling trade, commerce and investment.

“With the ATG, customers could complete all their transactions within one window. “.

The statement said MANSA, Africa’s due diligence platform, provided a single source of primary data required for the conduct of customer due diligence on African entities, financial institutions, corporates, and SMEs.

It said MANSA provided a complementary collection of information on investment in Africa, country profiles, and traded products/services of African countries.

The statement said PAPSS was established to enable efficient payment for intra-African trade in national currencies, promoting intra-African trade, minimising risk, and contributing to financial integration across Africa.

“In July 2019, the African Union Heads of State meeting in Niamey, adopted PAPSS as the payment and settlement system to support the implementation of the AfCFTA. It currently operates out of Cairo.”

It said TRADAR Club was a member-driven network aimed at empowering international businesses and executives to transform trade and investments in Africa through trusted trade intelligence and advisory services.

” This will be done through innovative digital tools and networking opportunities, helping members to discover new markets; grow their business; save time; access dedicated expert support, etc. ”

The statement said ATEX is a B2B and B2G e-commerce platform launched at the 54th Conference of African Ministers of Finance, Planning and Economic Development in Dakar in May 2022.

It said ATEX helped small and medium scale and large African businesses to tap into new markets in Africa and to facilitate the optimisation of their supply chains.

“It enables procurement in bulk for basic commodities to ensure access to suppliers in a transparent manner.”

The statement said ATG Connect served to connect business service providers across Africa.

“It provides freight and logistics connectivity solutions which allow for frictionless connecting and matching of freight/ logistics requests with freight and logistics providers listed on the platform.”

“Customers can get quotes for the pickup and delivery of goods to and from any location in Africa at a very competitive price.”

The statement said the inauguration included presentations on the services available under the various digital platforms and a panel discussion by the heads of the platforms.

African Export-Import Bank (“Afreximbank” or the “Bank” on 2 May 2023 in Nairobi signed a US$3 billion Country Programme with the Government of Kenya.

The official signing ceremony was witnessed by President William Ruto at State House Nairobi.

The memorandum was signed by Kenya’s Cabinet Secretary of the Ministry of National Treasury and Economic Planning, Professor Njuguna Ndungu, and the President and Chairman of the Board of Directors of Afreximbank, Professor Benedict Oramah.

The deal was sealed in the presence of President William Ruto.

The memorandum establishes a framework for the implementation of the Country Programme for the Republic of Kenya.

The three-year Country Programme of up to US$3 billion will support viable trade and trade-related investments in Kenya in both the private and public sectors.

The financing package will be implemented using several instruments, including loans, guarantee facilities, trade services, investment banking and advisory services.

Kenya will be the first country to access Afreximbank’s recently introduced Climate Change Adaptation Facility to be implemented as a component of the country programme, with an US$800 million Kenya Climate Change Adaptation Facility (KCCAF).

This will be directed towards developing 200 irrigation schemes under a public-private partnership framework using structures that are budget and sovereign-debt-neutral.

In addition, Afreximbank will support Kenya’s industrialisation and export-led development agenda by financing the development and operationalisation of Special Industrial Zones to strengthen the country’s export manufacturing.

The Bank will also support Kenya National Trading Corporation (KNTC) to become a fully-fledged Export Trading Company (ETC), which will facilitate the emergence of an integrated national value chain and foster the growth of SMEs through improved access to finance and national and regional markets.

Furthermore, funds committed by Afreximbank under the Country Programme will be directed towards the development of modern infrastructure and facilities and to upgrading existing infrastructure.

Afreximbank will support a further deepening and expansion of the Kenyan banking industry by expanding its lines of credit and other product offerings to Kenyan banks to equip them with the muscle to support the local economy.

The Bank will support Kenya’s post-COVID-19 pandemic economic recovery and its ability to cope with shortages and high commodity prices due to the impact of the ongoing Ukraine Crisis.

Speaking during the signing ceremony, President Ruto of Kenya said: ‘This programme is a step forward in our economic recovery agenda and will assist the government following shocks occasioned by the COVID-19 Pandemic as well as the global economic crisis.’’

“ We intend to leverage e-commerce and e-jobs as we digitise government services.

“We also aim to reduce pressure on our FX reserves. I also pledge my support for the Pan African Payment and Settlement System (PAPSS) towards adopting the platform in order to minimize currency challenges and bottlenecks in trade on the continent.’’

The President added that the government would support the development of SEZs by helping build infrastructure and providing the opportunity to grow jobs and address challenges of youth unemployment.

‘We will further support the SME ecosystem with the launch of phase two of the hustler fund this month and further encourage SMEs to tap into the AFCTA agreement to access markets.

On Agriculture, the facility will be beneficial in bringing down the cost of fertilizer and other essential commodities that are very critical to further bring down the cost of living in the country,’ added the president.

Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, commented: “The Country Programme for Kenya is designed to help build a strong infrastructure base, catalyse agriculture and industrial growth as well as create a well-diversified, integrated, and resilient national economy.’’

He said programme would benefits all segments of society and prepares the public and private sectors to better take advantage of opportunities arising from the African Continental Free Trade Agreement (AfCFTA).

“Following a series of discussions between the Bank and the National Treasury and Economic Planning, we are pleased that we have agreed on the broad framework for the Country Programme.

“This simple signature ceremony sets the framework for the execution of the development programmes and priorities contained in the “Kenya PLAN: The Bottom-Up Economic Transformation Agenda 2022 – 2027”. I am glad that we are now delivering on our promise.”

African Export-Import Bank (Afreximbank) has provided a grant of 350,000 dollars to facilitate the movement of goods using navigable waterways in Nigeria.

This is contained in a statement by Amadou Sall, Afreximbank’s Media Contact, on Monday in Abuja.

Sall said Afreximbank leveraged its partnership with the Nigerian Export-Import Bank (NEXIM), the Federal Ministry of Transportation, and the Nigerian Navy to facilitate the movement of goods using navigable waterways in Nigeria.

“In this regard, a major milestone in the quest to unlock the huge potential in transportation on Nigeria’s inland waterways was recorded with the unveiling of the Navigational Charts of the Lower River Niger.

“This was done by the Minister of Transportation, Mr Mu’azu Sambo supported by the Secretary to the Government of the Federation, Mr Boss Mustapha.”

He said the charting project was made possible by the grant from Afreximbank.

Sall said it was in recognition of the importance of inland waterways transportation and by extension, coastal waterways transportation, to its mandate of promoting Intra-African trade.

He said Sambo, who spoke at the event, hailed the support from Afreximbank through the grant.

Sall said the minister reiterated the importance of water transportation as the most environmentally friendly mode of transportation with significant economic benefits.

He said the minister committed to progress with the subsequent activities involved to make the movement of goods on the lower River Niger from the hinterlands to the coastal lands possible.

Sall said Afreximbank was represented by Mr Remigius Nwachukwu, Manager of Trade Finance, Anglophone West Africa.

He said Nwachukwu commended the leadership and vision of Prof. Benedict Oramah, President and Chairman of the Board of Directors, Afreximbank towards the realisation of this project.

Nwachukwu said that existing African infrastructure was designed to carry African commodities to the global markets and not to facilitate intra-African trade.

“In this context, Afreximbank decided to support the development of the maritime sector including inland waterways.

“This is to ensure that there are efficient and cost-effective routes to facilitate intra-African trade under the African Continental Free Trade Agreement (AfCFTA).”

Sall said the inauguration of the navigational charts followed a maritime survey and charting project executed by the Sealink Consortium in collaboration with the Nigerian Navy, Nigeria Inland Waterways Authority(NIWA), and NEXIM.

He said it was financed through the grant from Afreximbank and the navigational charting was undertaken by a wholly indigenous team from the Nigerian Navy and NIWA.

Sall said the Regional Sealink Project is a trade facilitation initiative designed to bridge the critical logistics infrastructure gap toward facilitating and deepening inland and intracoastal waterways operations.

“The charts provide information on navigable and restricted areas of the river channel as well as serve as a springboard to attaining a fully developed navigable channel.”

He said the charting covered a distance of 456 km from Jamata, Lokoja to Burutu.

Sall said the charting had been approved by the International Centre for Electronic Navigational Charts having met International Hydrographic Organisation’s standards.

He said some more work like dredging and removal of identified wrecks was still expected to be done on the channel,

“However navigational activities can commence with the use of the charts which mariners can obtain from the International Centre for Electronic Navigational Charts either in hard copy or electronic form.”

The Afreximbank Academy (AFRACAD)  has announced the opening of registration for the 2023 cohort of the Certificate of Trade Finance in Africa (COTFIA).

This is contained in a statement signed by Afreximbank’s Media Contact, Amadou Sall on Tuesday in Abuja.

Sall said the announcement was made on Tuesday in Cairo.

He said COTFIA was developed in partnership with Factors Chain International (FCI) and the American University in Cairo (AUC).

According to Sall, the programme is open to all banking professionals and interested practitioners in the area of trade finance.

“COTFIA is AFRACAD’s flagship programme designed to support the implementation of one of Afreximbank’s strategic priorities.

“This includes improving trade-related skills and addressing trade capacity gaps to facilitate a more conducive trading environment, enabling Africa to compete globally.”

He said the content of the programme had been carefully developed to enhance participants’ understanding of all aspects of international trade finance while being continuously updated to conform to best practices.

“In addition, the COTFIA programme addresses various aspects related to the implementation of the African Continental Free Trade Area (AfCFTA) agreement which is expected to have a significant impact on improving intra-African trade.

“For the 2023 cohort, the COTFIA programme will continue to be conducted in a blended format with five modules delivered online in instructor-led virtual sessions.

“One module delivered in face-to-face sessions at the AUC campus in New Cairo, Egypt, while the final module will be asynchronous online.”

Sall said the deadline for applications for the 2023 COTFIA programme is April 2.

He said just as in previous cohorts, the Afreximbank Academy would be offering the first seven applicants for the 2023 programme a scholarship covering 50 per cent of the tuition fees.

Stephen Tio Kauma, Afreximbank Group’s Director and Global Head of Human Resources, was quoted as saying “we are delighted to once again open the application process for the COTFIA programme which we have been running for seven years now.

“With the creation of the Afreximbank Academy in 2022, we have embarked on further developing local talent through learning, knowledge sharing, and networking events focused on Africa’s needs.”

Kauma said the COTFIA programme was facilitated by leading practitioners, academics and professional experts in the field.

He said the programme enabled participants to gain unique insights while deepening their understanding and expertise in international trade finance.

“We strongly encourage organisations to enroll their staff members in this programme which will help them accelerate their career growth in international trade finance.”

Sall said no fewer than 100 trainees across seven cohorts had so far participated in the programme since its inception in 2016.

He said Sweetie Anang, a staff member in Afreximbank’s Innovation Department, who completed the programme as part of COTFIA’s 7th cohort, described it as an enlightening programme that enhanced her understanding of trade finance issues.

Anang was quoted as saying “coming from a purely science and technology background and never having worked in the banking and finance sector, this was new territory.

“It was also an opportunity to gain new knowledge and insight into a completely new field. The instructors encourage dialogue and are willing to clear up any doubts.

“The COTFIA programme is very informative and has allowed me to learn more about the continent and its regional blocs, the potential for intra-African trade and the financing possibilities to facilitate trade in Africa. “

The African Export-Import Bank (Afreximbank) and U.S. Eximbank on Wednesday solidified signed a Memorandum of Understanding (MoU) to boost trade and investment in Africa.

The MoU was signed by representatives of the two banks at the ongoing three-day U.S.-Africa Leaders Summit in Washington D.C.

Prof. Benedict O. Oramah, President and Chairman of the Board of Directors of African Export-Import Bank (Afreximbank) and Ms Reta  Lewis, President and Chair of the Board of Directors, US Exim Bank, signed the MoU on behalf of the two banks.

In his remarks, Oramah said by signing the MoU, the two banks moved from intentions to action and set the stage for the two institutions to serve as anchors for a renewed, vibrant U.S.-Africa trade and investment relations.

“The new partnership we are forging will embolden businesses on both shores to step out, explore and do deals for the benefit of Africans and the U.S. people.

“As we look around the world today, we see that most countries that have successfully made giant strides towards economic development and industrial transformation have the U.S. to thank.

“They have the U.S. to thank for it in terms of capital and investment inflows, technology transfer or diffusion, skills and capacity development and access to markets,” he said.

The president said in almost every case, U.S. Eximbank was pivotal in de-risking those markets and facilitating capital and technology transfers, and in turn these foreign investments boosted productive activities in the U.S., all of which improved global welfare.

He said Africa did not quite participate in that golden relationship that pulled billions out of poverty, especially in Asia.

“The fragmented African markets are now integrated under the African Continental Free Trade Agreement (AfCFTA); Afreximbank.

“The continental Eximbank has gained a significant capacity to confidently play its role as the trade finance bank for Africa; interfacing with, and mitigating risks for, partners and financial institutions interested in doing business in Africa.

“There can be no better time, no better opportunity for the U.S. to do for Africa what it did for Asia,” he said.

He added that there could be no better time for U.S. Exim and Afreximbank to forge a bond of partnership that would propel the new U.S.-Africa partnership beyond aid.

“So, as the political actors from the U.S. and Africa renew their commitments to a stronger alliance in today’s fractured world, our two institutions must convert the political intentions into concrete business, trade, and economic gains for the expectant African and American people,” he said.

According to him, the time to act is now and by signing this MoU with U.S. Exim, Afreximbank is helping to open that window of opportunity.

Oramah said the MoU would solidify the partnership between the two institutions and open new vistas for deeper and broader collaborations in advancing trade and investment flows between the US and Africa.

“Specifically, our partnership will foster the realisation of the aspirations of the U.S.-Africa Leaders Summit, which among others, include forging new U.S.-Africa economic engagements.

“It will also focus on improving livelihoods through employment creation, strengthening health systems and infrastructure as well as assuring food security, promoting climate adaptation, and deepening support for the private sector, including the African diaspora in the U.S.,” he said.

He expressed optimism that through the renewed partnership, the two banks would support trade and economic integration in Africa by helping to revive and strengthen African airlines.

“We will help revive and strengthen African airlines through re-fleeting and other technical supports and facilitate strategic investments in healthcare, power, and transportation infrastructure, including rail and road projects, as well as investments in renewable energy projects.

“Most of all, scaling support for industrial development across the continent and we will also work together to support climate adaptation projects, including irrigation,” the president said.

The three-day U.S.-Africa Leaders Summit, which started on Tuesday seeks to facilitate economic cooperation between its participants, help promote peace and stability in the region, develop health security, as well as strengthen the global response to climate change.