Dubbed AfriCaribbean Trade and Investment Forum 2022, the forum will be held under the theme “One People, One Destiny--Uniting and Reimagining Our Future”.
Chairman and CEO of Banque du Caire, Tarek Fayed, emphasized in a statement the importance of this step, as Egypt will become one of the largest shareholders of the Afreximbank, which plays an important role in promoting trade between Africa and the world.
The bank has pumped $20 billion over the past five years to support African trade.
Sisi added during his speech that infrastructure must be developed in Africa to change the face of the African continent.
This came during his speech at the 29th annual meeting of the African export-import bank (Afreximbank) held in the administrative capital in Egypt.
The Afreximbank is a pan-African multilateral financial institution concerned with financing and promoting trade within and outside Africa.
Themed “Realizing the AfCFTA Potential in the post COVID-19 Era—Leveraging the power of the youth”, the Afreximbank annual meetings will include Advisory Group Meetings and the Annual General Meeting of Shareholders, complemented by seminars and plenaries.
Afreximbank always seeks to get trade and investment parties across Africa to join hands, she added.
He added that out of the $2.7 billion worth of direct financing the bank has approved for Egyptian companies this year, $1.6 billion has been disbursed, while the rest is expected to be disbursed within the next few days.
The event is part of their shared effort to foster sustainable development as Africa recovers from the COVID-19 pandemic.
The Bank has also provided $300 million to the National Bank of Egypt to support activities aimed at expanding intra-African trade.
The African Export-Import Bank is investing some 2.3 billion dollars in Egypt, said Global Head of Advisory & Capital Markets of Afreximbank Ibrahim Sagna Tuesday.
The figure exceeds the bank’s target of $25 billion, it said, noting that the signed agreements cover a number of development projects in Tanzania, Zimbabwe, Borkina Faso, Nigeria and Côte d’Ivoire.
Luke clarified that the member countries agreed to liberalize 90 percent of trade movement.
The president of the African Bank for Export and Import (Afreximbank), Benedict Orama, said Sunday he considers the Continental Free Trade Area (CFTA) as the starting point and gateway for Africa's development.
The board of directors of Orascom Investment Holding approved to obtain a term facility of up to $170 million from the African Export-Import Bank.
Nassar on Wednesday had talks with a delegation from the African Export-Import Bank (Afreximbank) on current projects carried out by the bank in Egypt.
The meeting will include a press conference and a panel discussion entitled "Towards a Strategy to Deepen Trade Exchange between Egypt and Africa."
Cairo-based Afreximbank obtained a $100 million financing from the Islamic Corp for the Development of the Private Sector.
Afreximbank has an ambitious plan to raise Intra-African trade to $250 billion by 2021from the current value which stands at $170 billion.