CAIRO - 12 November 2023: President of the African Export-Import Bank (Afreximbank), Benedict Oramah, announced the launch of an unprecedented $1 billion system to manage cross-border trade in Africa.
This came during the activities on the fourth day of the Intra-African Trade Exhibition, IATF2023, hosted by Egypt from November 9 to 15.
Oramah highlighted that Afreximbank's system, aimed at achieving continental integration and economic prosperity, seeks to enhance competitiveness in cross-border trade.
He mentioned that since 2021, Afreximbank has partnered with the Common Market for Eastern and Southern Africa (COMESA) to establish this system, incorporating the issuance of bonds to transform the continent into an integrated market.
Oramah emphasized the substantial time invested in developing this system.
He revealed that $200 million is being utilized to support the system through COMESA.
Oramah anticipates that upon implementation, the continent will save approximately $300 billion annually in previously incurred costs.
Oramah noted the unprecedented nature of continental cross-border bonds, highlighting the allocation of $30,000 to support innovations fostering trade across the African continent and easing the movement of goods and commodities.
The IATF2023, which is the third edition of the Intra-African Trade Fair, provides a platform for businesses to access an integrated African market of over 1.3 billion people with a GDP of over $3.5 trillion created under the African Continental Free Trade Area, according to the African Union.
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