Afreximbank allocates $25 bln to support African trade

Sara El-Issawy _ Abuja, Wednesday 11 Jul 2018


The African Export-Import Bank (Afreximbank) has approved the allocation of  US$ 25 billion to fund African trade until 2021 in several key sectors, mainly energy and infrastructure, President of the Afreximbank Benedict Oramah said.

The opening of the annual conference of the Afreximbank in Abuja, Nigeria was attended by South African President Cyril Ramaphosa.

During the event, Oramah said that the African Continental Free Trade Agreement signed in March opened many new fields to boost intra-contrinental trade and benefit from the potential and opportunities on the continent, especially the natural resources that represent real wealth. 

He said that the volume of bilateral trade is still low and there are great efforts being exerted to remove obstacles and barriers to customs and the removal of tariff, most importantly the activation of the free trade agreement.

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