File Photo: Afreximbank President Dr. Benedict Orama (Photo Courtesy of Afreximbank official website)
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.