Cairo / Harare, 12 July 2021:- Africa Export-Import Bank (Afreximbank) and the African Capacity Building Foundation (ACBF), on 21st June 2021, signed an agreement to support capacity development initiatives over a period of five years, ending in 2025.
The Agreement signed by Professor Benedict ORAMAH, President of Afreximbank and Professor Emmanuel NNADOZIE, Executive Secretary of ACBF, will see the two pan-African institutions contribute to capacity development for the implementation of the Africa Continental Free Trade Agreement (AfCFTA) encompassing knowledge-sharing, advocacy and promotion of trade and economic development in African Union’s Member States.
Reflecting on the signing of the agreement, Prof. Oramah emphasised the need for African institutions to harness the power of collaboration to achieve maximum results in developing the African continent, particularly during and after the Covid-era.
“African Capacity Building Foundation has proved to be capable and effective in its long-standing role as an agent for capacity development in Africa. We are confident that the collaboration we have just sealed with the Foundation will make the necessary impact in various African States, and further advance the aspirations of Agenda 2063,” Professor Oramah remarked.
Prof. Nnadozie acknowledged the timely support by Afreximbank, saying it would enable the Foundation to continue its support to African countries faced with capacity challenges that have been exacerbated by the COVID-19 pandemic.
“We are truly inspired and appreciative of the support we continue to enjoy from Afreximbank. The impact we have made together as African Institutions is tremendous, and we look forward to contributing to the post-COVID-19 recovery of African economies through supporting and addressing their capacity needs during these trying times,” says Prof. NNADOZIE.
The financial assistance follows the initial support provided by Afreximbank to ACBF some five years after the two institutions entered into a partnership to collaborate in strengthening human and institutional capacity to support intra-African trade, in contribution to the sustainable development of African countries.
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About the African Capacity Building Foundation
Established in 1991, ACBF builds human and institutional capacity for good governance and economic development in Africa. To date the Foundation has empowered people in governments, parliaments, civil society, private sector and higher education institutions in more than 45 countries and 6 regional economic communities. ACBF supports capacity development across Africa through mobilization and leveraging of resources for capacity development; grants, investments, and fund management; knowledge services; promoting innovation in capacity development and capacity development advisory services.
The establishment of ACBF was in response to the severity of Africa’s capacity needs, and the challenges of investing in indigenous human capital and institutions in Africa. ACBF interventions are premised on four principles: the centrality of capacity to the development process in Africa; the critical role of a partnership and demand-driven approach in tackling capacity challenges; African ownership and leadership in the capacity development process; and a systematic, sequenced and coordinated approach to the capacity development process that pays attention to capacity retention and utilization.
For further information, follow: www.acbf-pact.org
About Afreximbank
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. Afreximbank deploys innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. The Bank has a rich history of intervening in support of African countries in times of crisis. Through the Pandemic Trade Impact Mitigation Facility (PATIMFA) launched in April 2020, Afreximbank has disbursed more than US$6.5 billion in 2020 to help member countries manage the adverse impact of financial, economic, and health shocks caused by the COVID-19 pandemic. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has completed the development of a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Afreximbank is working with the AU and the AfCFTA Secretariat to develop an Adjustment Facility to support countries in effectively participating in the AfCFTA. At the end of 2020, the Bank’s total assets and guarantees stood at US$21.5 billion, and its shareholder funds amounted to US$3.4 billion. Afreximbank disbursed more than US$42 billion between 2016 and 2020. The Bank has ratings assigned by GCR (international scale) (A-), Moody’s (Baa1) and Fitch (BBB-). The Bank is headquartered in Cairo, Egypt.
For more information, visit: www.afreximbank.com.