AFDB President Akinwumi Adesina (Photo: Reuters)
President of African Development Bank Akinwumi Adesina said that the expected rate of intra-African trade is set to rise to $5 billion annually following the African Free Trade Area agreement last March.
The Afreximbank President's statements came during celebrations for the 25th anniversary of the bank's establishment in the Nigerian capital Abuja.
Adesina decribed the African Free Trade Agreement as "a new phase of joint work between the continent's countries, intended to increase the rates of intra-trade, remove customs and tax barriers, and open up new horizons for economic growth," adding that the Afreximbank plays a key role in supporting African trade.
Adesina affirmed that the Afreximbank has allocated $35 billion to finance development projects in countries on the continent, focusing mainly on infrastructure and energy sectors, as well as on improving the investment climate and business development.