Abuja, 11 July 2018: South African President Cyril Ramaphosa today in Abuja addressed attendees at the Annual Meetings and 25th Anniversary Celebrations of the African Export-Import Bank (Afreximbank), telling them that the African Continental Free Trade Area (AfCFTA) would provide the integrated and diversified markets that will unlock Africa’s full productive capacity.
In a keynote address on the opening day of the Annual Meetings and Celebrations, President Ramaphosa said that the AfCFTA held enormous opportunities for the growth of the economies of the African continent.
He highlighted the need to address the continent’s infrastructure deficit and to pursue industrial development.
In his address, Dr. Benedict Oramah, President of Afreximbank, welcomed the signing of the AfCFTA agreement by 44 African nations in Kigali in March and said that will accelerate the integration of Africa markets, foster regional value chains and promote dynamic competitive advantage across Africa for certain kinds of goods and boost employment.
According to him, it is important that the AfCFTA be thoroughly debated so that everyone would understand the opportunities it offered and the obstacles that needed to be overcome.”
Kemi Adeosun, Minister of Finance of Nigeria’s said that continued infrastructure improvements and a focus on trade, particularly regional trade, would drive sustainable growth.
Ms. Adeosun commended Afreximbank for its role during the last global recession when it supported many African countries with trade support and lines of credit at a time others were withdrawing from Africa.
More than 100 speakers, including Heads of State, ministers, central bank governors, heads of of international organisations, business leaders, African and global trade development experts, and academics, are scheduled to speak during the four days of the Annual Meetings and 25th Anniversary celebrations.
—
Media Contact: Obi Emekekwue (oemekekwue@afreximbank.com; Tel. +202-2456-4238)
—
Follow us on Twitter: @Afreximbank Like us on Facebook: Afreximbank
About Afreximbank: The African Export-Import Bank (Afreximbank) is the foremost Pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade. The Bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors. Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations. Since 1994, it has approved about $60 billion in credit facilities for African businesses, including about $8.5 billion in 2017. Afreximbank had total assets of $11.9 billion as at 31 December 2017 and is rated BBB+ (GCR), Baa1 (Moody’s), and BBB– (Fitch). The Bank is headquartered in Cairo. For more information, visit:www.afreximbank.com