The African Import Export Bank (Afreximbank) has reiterated its commitment to integrate and transform African economies by promoting Intra-African trading.
According to a statement issued by the bank yesterday, its Managing Director on Intra-African Trade, Mrs Kanayo Awani, said this at the “Trade with Africa Business Summit’’ in Chicago, United States of America.
Awani said that efforts to open up African markets should be accompanied with industrialization and capacity building initiatives to help African countries produce value-added goods.
She said that such an approach would allow for such value-added goods to be traded within the continent and globally in a competitive manner.
“Afreximbank is already financing and facilitating the production of such value-added goods, using a number of instruments which also support intra-African trade.
“This include supporting the establishment of industrial parks and export processing zones, establishing Africa quality assurance centres, and setting up export trading companies.
“The bank has also recently inaugurated the Pan-African Payments and Settlements System, established MANSA, an Africa customer due diligence repository platform, and instituted the Intra-African Trade Fair.
“This is to further boost intra-African trade and support the implementation of the African Continental Free Trade Area (AfCFTA),’’ she said.
Awani said that the bank was ready to work with partners, including the United States to promote inclusive growth and socio-economic transformation in Africa.
She said that with the number of Africans in Diaspora, there were opportunities for growth in Diaspora-focused trade in ethnic foods, textiles, the creative industry, including music and film, and tourism.