Category: Trade

Afreximbank records deals worth about US$1 billion as Intra-African Trade Fair (IATF2023) continues

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The Bank also announced the conclusion of cooperation agreements with the Comoros National Investment Promotion Agency (ANPI – Invest in Comoros), the Kenya Private Sector Alliance (KEPSA) and the Kenya Association of Manufacturers (KAM), aimed at accelerating intra-African trade and investment CAIRO, Egypt, November 13, 2023The third day of the third Intra-African Trade Fair (IATF2023) concluded with attendees witnessing the signing of financing and other agreements valued in excess of one billion dollars between the African Export-Import Bank (Afreximbank) and several leading business entities from across the continent. United Bank…

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E-commerce in Africa: A rapidly growing market expected to reach $180 billion by 2024

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According to the report “Future of Commerce: Outlook for 2024” published by the consulting firm McKinsey & Company, e-commerce in Africa is expected to reach $180 billion by 2024. This represents a growth rate of 25% per year, compared to 15% globally. This growth is driven by several factors, including: Population growth: Africa is the world’s youngest continent, with a population of over 1.3 billion people, of which 60% are under 25 years old. This growing population has a growing purchasing power and is becoming increasingly connected to the internet. Urbanization: Africa…

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Lesotho signs a Tripartite Free Trade Area Agreement with the Common Market for Eastern and Southern Africa, East African Community and Southern African Development Community (SADC)

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The government of Lesotho has signed a Tripartite Free Trade Area Agreement with the Common Market for Eastern and Southern Africa (COMESA), East African Community (EAC) and Southern African Development Community (SADC). The COMESA-EAC-SADC Tripartite Free Trade Area (TFTA) Agreement was signed in Maseru, the capital city of Lesotho on 27 October 2023… read more

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Trade : The Arab-Africa Trade Bridges Program Announces the Membership of the Federal Republic of Nigeria

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Impactful Interventions to Strengthen Economic Ties Offer Compelling Incentives to Join the AATB Program LAGOS, Nigeria, November 2, 2023 The General Secretariat of The Arab-Africa Trade Bridges (AATB) Program, a multi-donor, Inter-regional program, announces the Federal Republic of Nigeria’s official membership in the AATB Program. This pivotal development marks a significant step towards advancing trade and to strengthen economic ties among Arab and African countries.   An essential element of the AATB Program is to connect key stakeholders with companies and investors in Arab and African countries.  The aim is…

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AFREXIMBANK LAUNCHES THE AFRICAN TRADE REPORT 2023

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 The African Export-Import Bank’s (Afreximbank), 2023 edition of the African Trade Report (ATR2023) was launched at the Bank’s Annual Meeting – AAM2023 and 30th Anniversary celebrations in Accra, Ghana. Launching the ATR2023 along with HE Ambassador Albert Muchanga, the African Union Commissioner for Economic Development, Trade, Industry and Mining, Professor Benedict Oramah, the President and Chairman of the Board of Directors of Afreximbank, said that Africa showed growth resilience amid a synchronised global deceleration under the confluence of overlapping crises, including lingering effects of the Covid-19 pandemic, record-high inflation, heightening geopolitical…

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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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Afreximbank launches Insurance subsidiary to support intra-African trade

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The African Export-Import Bank (Afreximbank) (www.Afreximbank.com) today in Accra launched its wholly owned insurance management services subsidiary, AFREXInsure, with a commitment to provide a single-entry point for all specialty insurance needs to assist in optimally managing related risks for the trade and commerce sector in Africa. Established in 2021, AFREXInsure is set up to offer specialty insurance solutions for trade and trade-related investments across Africa with access to quality, best-in-breed specialty insurance that are tailor-made for Africa. AFREXInsure will leverage on its risk expertise by using its continent-wide presence and…

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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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Kenya and Djibouti Agree on a Visa Free Regime to Boost Trade

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Kenya and Djibouti will push for a visa-free regime to spur trade.   The two countries will also exploit and further their existing relations to grow investments. This was reached on Sunday when President William Ruto met his counterpart Ismaïl Omar Guelleh at the Palais Présidentiel in Djibouti. The two leaders agreed to establish the Kenya-Djibouti business council that will drive commerce between the two countries. President Ruto said, Djibouti people visiting Kenya will not be required to have visas. “This is part of our contribution to easing the movement…

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DP WORLD AND STANDARD BANK PARTNER TO EXPAND TRADE FINANCE IN AFRICA

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“ Africa is a key market for us, with this partnership complementing our ongoing investment and development across the continent. Sultan Ahmed bin Sulayem, Group Chairman and Chief Executive Officer of DP World „ The continent’s largest bank becomes the first African bank to partner with DP World Trade Finance   Standard Bank, the largest bank in Africa by assets, has partnered with DP World, a global leader in supply chain solutions, to offer trade finance solutions jointly with DP World Trade Finance. This partnership will help in closing the…

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