The African Export-Import Bank (Afreximbank) originates and distributes more than $15 billion dollars to African businesses annually to support trade on the continent, says Dr Benedict Oramah, AfreximBank President in Sharm el Sheikh, Egypt.
Speaking when Egyptian Prime Minister Sherif Ismail received him on the sidelines of the Africa Forum 2016, Dr Oramah says that the amount included some $7 billion provided directly by Afreximbank and additional financing which it attracted into the continent through its syndications transactions.
He told the Prime Minister that the Bank had provided about $300 million to Egyptian businesses out of the $500 million dollars set aside under the Bank’s Egypt-Africa Trade Promotion Programme which seeks to increase Egypt’s trade with other African countries. The Bank has also received additional requests totaling more than $700 million for financing under the programme.
The President added that the Bank was working with several Egyptian manufacturers exporting to other Africa countries by providing them with necessary support to put them at near equal footing with other global players in those markets.
Afreximbank’s support to Egypt also included a $500-million facility which it agreed with the Central Bank of Egypt a few days earlier to help Egyptian importers alleviate temporary foreign currency availability constraints to the importation of strategic and key industrial products.
The President said that Afreximbank was now focusing more on intra-regional trade and investment in addition to promoting value addition in the products that Africa produces.
Responding, Prime Minister Ismail says that Egypt was keen to work with Afreximbank and invited the Bank to consider cooperating with the country in the financing of key projects, particularly in the area of logistics centres and other trade supporting infrastructure.
Denys Denya, Afreximbank Executive Vice President in charge of Finance, Administration and Banking Services, participated in a panel discussion on finance, using the opportunity to discuss the role of the Bank in supporting trade across Africa.
The two-day Africa Forum 2016, which ended on 21 February 2016, was organized under the theme Business for Africa, Egypt and the World.