Author name: tyrese

L-R: Prof. Patrick Utomi, Chairman Pan African Private Sector Trade and Investment Committee (PAFTRAC), Mounira Smihi, Executive Director, Bank of Africa, Zurich, Ashish Shah, Di-rector, Division of Country Programmes, International Trade Center (ITC) Zelda Hunter, Partner, White & Case, Sergio Silva, IC Publications (moderator) Geneva, 25 September 2024: – African regulators and policymakers should take deliberate actions to increase awareness of the operational mechanisms of the African Continental Free Trade Area (AfCFTA) so that businesses can leverage the benefits of the agreement, discussants in a panel session organised by the Pan-African Private Sector Trade and Investment Committee (PAFTRAC) at the WTO Public Forum have said. Titled “The role of AfCFTA implementation in the establishment of cross-border businesses in Africa,” and anchored on the results of the 2024 PAFTRAC Africa CEO Trade Survey, the session, held in Geneva on 12 September during the WTO Public Forum, focused on the key private sector-led inclusive policies needed to realise the full potential of the AfCFTA. The discussants, who noted that only 40 per cent of respondents to the CEO Trade Survey were familiar with the AfCFTA, said that many businesses across Africa were not fully aware of the benefits and operational mechanisms of the agreement and were, therefore, limited in their ability to leverage the agreement for growth. They recommended the implementation of awareness campaigns using various channels and the adoption of a digital AfCFTA Business Ready Certification to help ensure that businesses understand and are able to utilise AfCFTA mechanisms effectively. “African businesses stand to gain immensely from the AfCFTA, but awareness is key. The fact that only 40% of respondents are familiar with the agreement highlights the need for urgent action. Regulators and policymakers must champion awareness campaigns and infrastructure development to ensure businesses are equipped to leverage the opportunities AfCFTA presents, driving growth and cross-border collaboration across the continent,” noted Prof. Patrick Utomi, Chairman of PAFTRAC. Participants also challenged regulators to take action to foster cross-border cooperation and development of industrial trade corridors, while also promoting digital skills and digital infrastructure development across the continent, they said. Other panellists in the session included Ashish Shah, Director, Division of Country Programmes at the International Trade Centre, Zelda Hunter, Partner at White and Case LLP, and Mounira Smihi, Executive Director at Bank of Africa. PAFTRAC is supported by African Export-Import Bank (Afreximbank) which also serves as its Secretariat. It was established to guide trade policy in Africa and to link the African public and private sectors through dialogue at the highest levels. The panel session  at the WTO Public Forum was organized to raise awareness about African trade policy issues and about how PAFTRAC was being used to resolve identified issues.

Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank exchanges partnership agreement documents with Honourable Dr. Garry Conille, Prime Minister of the Republic of Haiti (third right). The two were accompanied by senior officials from Afreximbank and the government of Haiti. New York, 30 September 2024: – Haiti has become the 12th Caribbean Community (CARICOM) member state to accede the partnership agreement between and among CARICOM countries and African Export-Import Bank (Afreximbank). During a ceremony on September 25 at the Haitian Investment Forum, held on the sidelines of the 79th United Nations General Assembly (UNGA) in New York, the Prime Minister of the Republic of Haiti, the Honourable Dr. Garry Conille, and the President and Chairman of the Board of Directors of Afreximbank, Professor Benedict Oramah, signed the documents formalising Haiti’s accession to the partnership. Introduced by the Bank in 2022 following the African Union’s 2008 resolution designating the Diaspora as the sixth region of Africa, the Partnership Agreement recognises that Africans on the continent and in the Diaspora share deep historical, cultural, and political ties, as well as a sense of common identity. It therefore seeks to promote the Global Africa agenda, which includes the expansion of two-way trade and investment between Africa and its Diaspora, to stimulate economic development. With Haiti’s signature, 12 of the 15 CARICOM member states have now acceded to the Partnership Agreement, with nine of them concluding its ratification. The move paves the way for both public and private sector institutions in the country to access the US$1.5bn financing limit approved by Afreximbank’s Board to support projects and trade related transactions in the region. This limit is set to double once all the CARICOM member states join the partnership agreement. At the event, Afreximbank announced plans to institute a US$ 250 million facility to support the rebuilding of the Haitian economy.  In his comments, Haiti’s Prime Minister Honourable Dr. Garry Conille said: “It is with immense gratitude that we receive your announcement today of a US$250 million facility for Haiti. This is a decisive and impactful gesture that holds the promise of revitalisation for our economy and renewal for our people. This facility will allow us to address some of the most pressing challenges we face, from infrastructure and energy to agriculture and manufacturing. It will also serve as a catalyst for unlocking the potential that exists within our nation — potential that has long been stifled but never extinguished.” He added that the facility was a concrete step towards regaining Haiti’s rightful place in the global economy, noting that it would create the right conditions for Haiti to ‘once again stand tall,’ contributing not only to the region but to the wider world.  In his remarks, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, said: “I express deep and sincere gratitude to the Prime Minister of Haiti, The Honourable Dr. Garry Conille, for his courage and demonstrated commitment to advancing trade and investment relations between Africa and Haiti, and the Caribbean region in general. Haiti’s accession to this Partnership Agreement marks another historic move towards enhanced Afri-Caribbean cooperation thereby helping to propel the Global Africa agenda towards a more prosperous future.” Following the introduction of the Partnership Agreement with Caribbean countries, Afreximbank has hosted three editions of its AfriCaribbean Trade and Investment Forum (ACTIF) in the region and established its regional office in Barbados. In just under two years, the multilateral Bank has provided more than US$2.5 billion in funding across the CARICOM, targeting key areas such as infrastructure development, climate adaptation projects, SME financing, among others. In June, the Bank hosted its 2024 Annual Meetings in The Bahamas, a historic event that brought together more than 4,000 people from across the globe. The event also doubled as the third ACTIF and served as one of the high-level events by Afreximbank to demonstrate the Global Africa movement.

Dubai, 02 October 2024 — ARISE IIP, a leading pan-African developer and operator of world-class industrial parks, has announced a significant capital raise of US$443 million. The funding includes a strategic US$300 million investment from Afreximbank’s development impact investment arm, The Fund for Export Development in Africa (FEDA), securing Afreximbank’s FEDA a significant stake in ARISE IIP. Additionally, the capital raise is supported by an additional US$143 million contribution from Africa Finance Corporation (AFC). This investment builds on debt funding relationship of over 12 years between ARISE IIP and Afreximbank, during which about US$2 billion has been provided to support ARISE IIP’s investments across Africa. ARISE IIP’s total equity capital now exceeds US$1 billion, with Africa Finance Corporation (AFC) holding a majority stake, followed by Afreximbank’s FEDA and Equitane as key shareholders. This significant capital injection is strategically aligned with both entities’ objectives to catalyse industrial transformation across Africa. The funds are intended to accelerate ARISE IIP’s fast expansion and operational efficiency across its 12-country portfolio, that comprises key markets such as Malawi, Cameroon, Sierra Leone, Benin, Togo, Ivory Coast, Rwanda, Gabon, DRC, Congo, Chad, and Nigeria. This investment is anticipated to strengthen Africa’s position in global value chains, aligning with Afreximbank’s mandate to promote intra-African and extra-African trade. Gagan Gupta, Founder and CEO of ARISE IIP said about this partnership: “This equity partnership with Afreximbank significantly enhances our financial capacity to execute our pan-African industrial development strategy. It’s a strong vote of confidence in our business model and growth prospects.” President & Chairman of Board of Directors at Afreximbank, Prof. Benedict Okey Oramah, stated: “We are very pleased with our latest investment in ARISE IIP which is aligned with Afreximbank’s strategic pillars of promoting intra African Trade and facilitating industrialisation and export development across Africa. The capital boost will arm ARISE IIP with the financial muscle needed to drive Africa’s industrialisation, promote intra and extra-African trade, job creation and the general economic growth of our continent.” Marlene Ngoyi, CEO of the Fund for Export Development in Africa (FEDA), stated: “Our investment in ARISE IIP is a critical step towards fostering sustainable industrial growth across Africa. By supporting the development of high-impact industrial infrastructure, we are helping to create an environment that will drive economic diversification, boost value-added production, and position Africa as a key player in global trade.” Samaila Zubairu, President & CEO of AFC said: “I would like to thank the board and management for their unwavering support in our shared mission to transform African economies. Our journey towards capturing greater value within the continent, by converting raw materials into intermediate and finished goods, has already shown significant progress in three countries, with an expanding pipeline of projects in ten more. This success reinforces our commitment to further support and invest in this important initiative, including our latest equity investment of $143 million. We are also delighted to formally welcome Afreximbank-FEDA as a new shareholder, having previously supported us through debt financing. Their participation, alongside other prospective investors, is a testament to the strength and de-risked nature of our ecosystem value chain industrial platform. We look forward to continuing our partnership to drive industrialization and sustainable economic growth across Africa.”

Paris, 03 Oct. 2024: – Two weeks after the highly successful inaugural Tranoï Tokyo trade show held in Japan from September 4-5, 18 exceptional fashion brands from across Africa and the diaspora exhibited their designs at the Paris Fashion Week on 26-29 September at Tranoï, Palais Brongniart as part of Afreximbank’s CANEX Presents Africa initiative. Afreximbank’s dedicated scenographic exhibition space  showcased a diverse array of brands, including Ethiopia’s Mafi Mafi, Kenya’s Adele Dejak, We Are NBO, and Katush, Zanzibar’s Doreen Mashika, and Nigeria’s Emmy Kasbit, WUMAN and Bloke. Representing South Africa were JUDY SANDERSON, David Tlale, and Thebe Magugu, while Zimbabwe was represented by Vanhu Vamwe. Other incredible brands included The Cloth from Trinidad and Tobago, Olooh and Kente Gentlemen from Côte d’Ivoire, Ghana’s Christie Brown and Beyodoe, Late For Work from Morocco and Margaux Wong from Burundi. The event climax was a highly anticipated runway show, celebrating the richness and diversity of Africa’s design talent. Held beneath the majestic columns of the iconic Palais Brongniart, the show marked a historic moment in the global fashion calendar. Artistic Director Jenke Ahmed Tailly, renowned for his visionary approach, curated an exclusive fashion show featuring three distinguished African designers Sukeina, Lagos Space Programme and Thebe Magugu, each presenting unique collections that embodied the essence of African creativity and craftsmanship. This presentation highlighted the synergy between tradition and modernity, with designs that ranged from bold, avant-garde statements to intricate, culturally inspired pieces. The event provided a powerful platform for these designers to showcase their work to an international audience, affirming Africa’s growing influence on the global fashion scene. From vibrant textiles and intricate patterns to contemporary silhouettes and sustainable innovations, the runway show captured the continent’s rich heritage and innovative approach to fashion. Each designer brought their distinct vision to life, offering a fresh perspective on what African fashion represents in the 21st century. Commenting on the event, Mrs. Kanayo Awani, Afreximbank’s Executive Vice President, Intra-African Trade and Export Development, said: “We are immensely proud of our growing impact on Africa’s Creative and Cultural Industries through CANEX Presents Africa initiative which continues to spotlight the continent’s abundant talent. This moment is quite significant as it marks the first time three of our designers have taken to the prestigious runway at the Paris Fashion Week – a milestone only possible following years of consistent hard work and focus. By providing an exclusive platform to these brands to showcase their designs and engage with international buyers, we are not only developing the continent’s creative sectors but also expanding Africa’s influence in global cultural trade.” Given the relevance and opportunities provided by the creative economy as a key driver for development and job creation, Afreximbank has deployed the Creative Africa Nexus Programme (CANEX) to facilitate the development and growth of the creative and cultural industries in Africa and the diaspora. The programme provides a range of financial and non-financial interventions to support Africa’s production, trade, and investment in creative content. CANEX Presents Africa provides emerging fashion designers with a platform for development through the  transfer of skills, linkages and partnerships as well as  market access opportunities aimed at equipping the participants with skills for creating financially sustainable businesses capable of being scaled. The inaugural CANEX Presents Africa event took place in  Porto, Portugal in October 2021. To date, 80 designers from 27 African countries and the Diaspora have benefited from the initiative.

Gwen Mwaba, Managing Director Trade Finance & Correspondent Banking, Afreximbank Cairo – Egypt, 10 October 2024 – African bankers, financiers, legal practitioners, insurers, and professionals from regulatory agencies and corporates, from across the African continent involved in trade finance will gather in Windhoek, Namibia, from 5 to 8 November for the annual Afreximbank Trade Finance Seminar (ATFS) and Factoring Workshop. The event will address critical trade finance trends, tools and offer training in innovative strategies to bolster Africa’s trade ecosystem. Mr. Titus Ndove, Executive Director, Ministry of Finance and Public Enterprises, Namibia will deliver the Keynote Address, underscoring Namibia’s commitment to advancing intra-Africa trade as well as global trade facilitation. The Seminar will host a number of world class speakers covering a broad range of topics and technical training workshops. Ms. Gwen Mwaba, Managing Director Trade Finance & Correspondent Banking, Afreximbank, said: “This Seminar aims to equip participants with essential knowledge and skills to navigate the complexities of financing transactions and structuring viable trade deals amidst increasing and heightened global economic uncertainty. “By enhancing expertise in trade and trade-related deals, participants will not only drive national economic growth and boost public and private sector revenues through enhanced income generation, but also enable governments to execute critical development projects. Our aim is to foster a collaborative environment where these key stakeholders can share insights and strategies to strengthen Africa’s trade finance landscape and unlock new opportunities for growth.” Africa’s trade finance gap is estimated to be between US$90 billion and US$120 billion per year. The exiting and scaling back of many international banks from Africa have severely limited local lenders’ ability to finance clients’ import and export needs and created record demand for trade finance in Africa. The Afreximbank Trade Finance Seminar (ATFS) and Factoring Workshop is a cost- and time-efficient capacity-building seminar tailored to African markets for professionals involved directly or indirectly in trade finance, providing them with valuable knowledge and expert training. Among the speakers at the workshop is Mr Neal Harm, the Secretary General of the FCI, the Global Representative Body for Factoring and Financing of Open Account Domestic and International Trade Receivables headquartered in the Netherlands. The full-day Factoring Workshop on 8 November will focus on “Solving the African Micro Small Medium Enterprise (MSMEs) Trade Finance Gap through Factoring and Supply Chain Finance” and provide valuable insights into how this alternative financing method can effectively bridge the finance gap for MSMEs. Factoring is a vital trade finance tool that provides MSMEs with access to financing, helping to boost trade under the African Continental Free Trade Area (AfCFTA). Interested attendees can register for the Afreximbank Trade Finance Seminar and Factoring Workshop by clicking on this link. – ENDS – About Afreximbank:   African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance, facilitate and promote intra and extra-African trade. For over 30 years, the Bank has been deploying innovative instruments to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the AfCFTA, Afreximbank has in partnership with the African Union Commission and the AfCFTA Secretariat launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the Free Trade Agreement. The AfCFTA Secretariat and the Bank have created a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA.  At the end of December 2023, Afreximbank’s total assets and guarantees stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”). The Bank is headquartered in Cairo, Egypt.