Last Update 18:59
Friday, 23 August 2019

Afreximbank announces new mechanism to settle trade payments between African countries

Sara El-Issawy in Abuja, Friday 13 Jul 2018
File Photo: Afreximbank President Dr. Benedict Orama (Photo Courtesy of Afreximbank official website)
Views: 2723
Views: 2723

The head of the African Bank for Export and Import, Benedict Orama, announced the bank's readiness to launch a new mechanism for settling payments between African countries.

This mechanism enables the completion of trade payments between the countries of the continent using national currencies.

Orama said the bank is working through this mechanism to help bridge the financing gap of $120 billion in bilateral trade and open up new fields of trade based on national currencies.

He said that there are several other items launched by the bank to support bilateral trade, the most important of which is the Intra-African Trade Fair, which will be held in Cairo in December.

The exhibition that brings together companies in different sectors to present trade and investment opportunities and conclude business deals.

The African Export and Import Bank has also signed a memorandum of understanding with the World Trade Center in Miami to promote trade relations between Africa and the United States.

 The MoU enables the two parties to strengthen the trade partnership and mobilise and support resources for the development of trade and investment opportunities.


Short link:


Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

© 2010 Ahram Online.