Afreximbank to Double Intra-African Trade Financing to $40 Billion by 2026″

The African Export-Import Bank (Afreximbank) has announced its plans to double its financing of intra-African trade from $20 billion in 2021 to $40 billion by 2026. This statement was made by Haytham ElMaayergi, Afreximbank’s Executive Vice President for Global Trade Bank, during the African Caucus Meeting of the World Bank Group and the International Monetary Fund (IMF) in Abuja, Nigeria.

ElMaayergi emphasized that Afreximbank has been a key player in promoting intra-African trade since its inception. He mentioned the bank’s commitment of $1 billion to support the AfCFTA Adjustment Fund and a $10-million grant to facilitate the establishment and operation of the fund.

“The Bank is also working closely with the AfCFTA Secretariat and the African Union Commission (AUC) to ensure the successful implementation of the Pan-African Payments and Settlements System, the African Trade Gateway, and the Afreximbank African Collaborative Transit Guarantee Scheme,” he stated.

ElMaayergi also noted various efforts to address critical financing gaps in Africa, including the creation of the Alliance of African Multilateral Financial Institutions (AAMFI) in collaboration with the AUC. The initiative was launched on the sidelines of the 37th Ordinary Session of the Assembly of the Heads of State and Government of the AU in Addis Ababa in February.

He highlighted that the AU has recognized the importance of African multilateral financial institutions in strengthening the continent’s financial framework and advancing the AU’s Agenda 2063. He urged the meeting participants to reaffirm their support for these institutions and called on the World Bank and IMF to collaborate with AAMFI in tackling the continent’s challenges.

“We particularly urge you to reaffirm that the special privileges and immunities you have granted to these institutions, including preferred creditor status, are crucial for meeting the continent’s development needs. We also call upon all stakeholders to honor the treaty obligations you have made to these institutions,” ElMaayergi added.

The current members of AAMFI include Africa Finance Corporation, Afreximbank, Trade and Development Bank Group, African Reinsurance Corporation, African Trade and Investment Development Insurance, Shelter Afrique Development Bank, PTA Reinsurance Company, East African Development Bank, and African Solidarity Fund.