By Vera Songwe and Mamadou Biteye – Africa is growing, but not fast enough. In order for more than 400 million Africans to rise out of poverty, continued economic growth across Africa’s 54 nations will have to increase an average of 7% annually or more. One strong engine for growth is trade.
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The African Continental Free Trade Agreement (AfCFTA) has huge potential to move Africa to dizzy heights of development on the platform of the African Union’s Agenda 2063, says Nigeria’s Industry, Trade and Investment Minister, Mr. Okechukwu E. Enelamah. Nigeria is yet to ratify the AfCFTA.
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Building up to the Inaugural Intra-African Trade Fair (IATF) the Export Promotion Council of Kenya (EPC) and the African Export – Import Bank (Afreximbank) discussed strategies to deepen Kenya – Africa trade.
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The city of Casablanca, Morocco, is set to host African Export-Import Bank (Afreximbank’s) annual meeting on ‘structured trade finance’ next November.
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The African Export-Import Bank (Afreximbank) says the $850 million in financing facilities being made available to the Bank greatly expand its support to African businesses seeking to diversify and expand their trade activities.
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Trade between Africa and India rose more than 10-fold between 2001 and 2014, making India Africa’s fourth-largest national trading partner, according to a new report jointly produced by the African Export-Import Bank (Afreximbank) and Exim Bank of India (Exim India).
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