African Export-Import Bank (Afreximbank) hosted a productive strategic coordination meeting on 14 June 2021 between the Bank’s President Prof Benedict Oramah and the Secretary General of the AfCFTA, Wamkele Mene.
During this forum, collaboration and co-operation between the institutions were deliberated upon, to support and advance the implementation of the African Continental Free Trade Agreement (AfCFTA).
Afreximbank is one of the AfCFTA Secretariat’s strategic partners and a key actor in supporting implementation of the AfCFTA. This forms part of Afreximbank’s wider mandate to promote and accelerate intra-African trade. The meeting, held at Afreximbank’s headquarters in Cairo, covered a range of joint ventures and co-operative activities, and deepened the scope for collaboration between the two institutions.
The two parties discussed a range of joint activities to support the implementation of the AfCFTA and boost intra-African trade, notably the Pan-African Payments and Settlments System, the Intra-African Trade Fair, and ongoing technical cooperation and assistance.
Furthermore, the meeting discussed the AfCFTA Adjustment Facility where Afreximbank will work with the Secretariat and other partners to advance the establishment of the AfCFTA Adjustment Facility. This follows the recommendations of the African Union Summit to support countries adjust in an orderly manner to the liberalised trade regime created by the AfCFTA.
Both parties aligned their strategies for advocacy and outreach, and groundwork was completed for the Bank and the Secretariat to collaborate on private sector engagement around the commercial potential and opportunities created by the AfCFTA.
The productiveness of this meeting reflects the strength of the relationship developed between Afreximbank and the AfCFTA Secretariat, and represents a significant milestone in their collective journey towards the successful implementation of the AfCFTA and increased intra-African trade.
Prof. Benedict Oramah, President of Afreximbank, said:
“Meeting the Secretary General Wamkele Mene was very important for the work we are doing together in support of the implementation of the AfCFTA. I am confidfent that the strength of our relationship will yield substantial benefits for Africa, specifically through a coordinated, strategically aligned approach to the implementation of the AfCFTA, which will prove to be the most important economic project ever undertaken on the continent. Our commitment to the success of the continental free trade area remains stronger than ever.”
Source: Afreximbank (Published on 8 July, 2021)