Tag: AfCFTA

Afreximbank to offer Supply Chain Finance in Nigeria in partnership with Sterling Bank

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Afreximbank s’apprête à introduire un produit de financement de la chaîne d'approvisionnement au Nigeria en partenariat avec Sterling Bank

The partnership with Sterling Bank is a unique and innovative arrangement which leverages the complementary strengths of both institutions to provide a comprehensive market-led solution to Nigerian corporates CAIRO, Egypt, April 4, 2024 (Afreximbank) — African Export-Import Bank (Afreximbank) has partnered with Sterling Bank to introduce the innovative supply chain finance product ‘Payables Finance’, in Nigeria. This product, branded as ‘Afreximbank Tradelink,’ is one of Afreximbank’s digital offerings under the umbrella of the Africa Trade Gateway (ATG). ATG provides African corporates and commercial banks with relevant digital tools to access market…

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UNECA publishes AfCFTA implementation strategies synthesis report

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The United Nation Economic Commission for Africa (UNECA) has recently published a report which provides a snapshot of AfCFTA implementation strategies in the continent, with a list of the countries and the Regional Economic Communities (RECs) that have adopted them and a description of their core elements, the process by which they were developed, and experiences of some African states in their implementation. The AfCFTA implementation strategies are policy documents that define strategies for expediting the implementation of the AfCFTA Agreement and realize its benefits at national and regional levels. They are based on a decision adopted by the Conference of African Ministers of Finance,…

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Pan African Payment and Settlement System (PAPSS) Expands into North Africa as Banque Centrale de Tunisie Becomes Thirteenth Member

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The Pan African Payment and Settlement System (PAPSS) is proud to announce the entry of Banque Centrale de Tunisie (BCT) into its network as its thirteenth Central Bank member, further strengthening its commitment to promoting seamless cross-border payment services and enhancing financial integration across the African continent.   PAPSS, developed by African Export-Import Bank (Afreximbank) in collaboration with the African Union and the AfCFTA Secretariat, facilitates real-time settlement of intra-African trade and payments, in African currencies, across the continent. By uniting central banks from across Africa, PAPSS seeks to address…

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South Africa to launch the start of its preferential trade under the African Continental Free Trade Agreement (AfCFTA) in Durban on Wednesday 31 January

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Trade under the new preferences set out in the African Continental Free Trade Agreement (AfCFTA) will be launched by President Cyril Ramaphosa and the Minister of Trade, Industry and Competition of South Africa, Ebrahim Patel on Wednesday 31 January 2024 at Pier 1 in Durban. This follows the publication on Friday 26 January in the Government Gazette of the terms under which South Africa will participate in the new free trade agreement. Twelve countries, including South Africa, have finalised their legal modalities to enable trade to commence in thousands of…

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Afreximbank launches Africa Trade Gateway, a single window for digital services

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ACCRA, 21, JUNE 2023: The African Export-Import Bank (Afreximbank) yesterday in Accra launched the Africa Trade Gateway (ATG), a suite of five digital platforms that have been designed as a single window to enable the Bank better deliver on its mandate by providing critical services to support and promote African trade and the implementation of the African Continental Free Trade Agreement (AfCFTA). Launched by Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade Bank, of Afreximbank on the sidelines of the ongoing 30th Afreximbank Annual Meetings (AAM2023), the gateway digital ecosystem comprises the…

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22nd COMESA Summit urges extension of the Tripartite programme on harmonization of cross border transport policy and regulation at continental level

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The recently approved final communiqué of the 22nd Summit of the COMESA Authority of Heads of State and Government gives an overview of the progress achieved by COMESA under the market integration and infrastructure development pillars, based on the findings of a report that was presented during the Summit by the COMESA Secretary General. Among the conclusions adopted, one deserves particular attention. This is the recommendation to scale up the Tripartite Transport and Transit Facilitation Programme (TTTFP) at Continental level. An harmonized regulation on transport in Africa is key for supporting the African Continental Free Trade (AfCFTA) implementation, because in order to facilitate intra-African trade, it…

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African Ministers exclude trade of second-hand clothes under the AfCFTA preferential rules

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On June 1, 2023 during the second Ministerial Retreat of the AfCFTA Council of Ministers, held in Nairobi, Kenya, a decision was adopted that prevents second-hand clothes from being traded across the continent under the preferences of the African Continental Free Trade Area (AfCFTA). The purpose of this measure is to exclude second-hand clothes from preferential trade under the AfCFTA rules (i.e., in exemption of customs duties), so to encourage value-addition and industrialisation in Africa. This decision has been compared on many press and media sources with a previous initiative adopted in the East African Community (EAC). But it is not the same thing. In 2015, the EAC Heads…

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Trade : Tracking Africa’s progress on AfCFTA

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On the sidelines of the 55th session of the Economic Commission for Africa in Addis Ababa, Ethiopia, the ECA communication team interviewed Stephen Karingi, Director of the Regional Integration and Trade Division on the progress of the African Continental Free Trade Area (AfCFTA), three years since its launch. At what stage are countries on the AfCFTA? We are in the trading stage where money is being made and the private sector is taking advantage of the opportunity the AfCFTA has offered. For example, value added coffee has been traded from…

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TradeMark Africa Launches in West Africa

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ACCRA, Ghana, January 30, 2023/APO Group/ — TradeMark East Africa, one of the world’s leading Aid for Trade organisation, has today rebranded to TradeMark Africa (TMA) (www.TradeMarkAfrica.com) and simultaneously officially launched its West Africa operations. Founded in 2010 in Kenya, today marks TradeMark Africa expansion from its previous core operational area of East Africa and the Horn, to also support countries in West and Southern Africa. TradeMark Africa now has a presence in fourteen countries in sub-Saharan Africa (SSA): Kenya, Uganda, Tanzania, Rwanda, Burundi, the Democratic Republic of Congo (DRC),…

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