The African Union Development Agency – NEPAD has signed a Memorandum of Understanding with the African Export-Import Bank (AFREXIM Bank), on the margins of the Intra-African Trade Fair recently hosted in Kwa-Zulu Natal, Durban, South Africa.
As the implementing Agency of the African Union, AUDA-NEPAD is to play a critical role in the execution of Flagship Projects of the African Union. It is also the technical Interface of the partners and stakeholders of African Development under the African Union.
AFREXIM Bank has been a key partner of AUDA-NEPAD since 2016 when the MoveAfrica Initiative was launched in Kigali, Rwanda. AFREXIMBANK also played a role in mapping out the Traffic Light System within the same year. The MoU signed by the two entities aims to forge and forster a stronger partnership between AUDA-NEPAD and AFREXIM Bank.
“The partnership with AFREXIM Bank is critical in growing the MoveAfrica Initiative into a programme, which will define the practical aspects of Trade Facilitation in simplifying, harmonising and standardising processes and procedures at border posts. This is in building up on the work that is being done through the Traffic Light System”, said the Chief of Staff of AUDA-NEPAD Jennifer Chiriga, who signed the MoU on behalf of the AUDA-NEPAD CEO, Dr Ibrahim Mayaki.
She highlighted that the MoU will be fundamental when trading under the AfCFTA that kicked off on 1 January 2021.
Signing on behalf of AFREXIM Bank and Intra-African Trade, Mrs Kanayo Awani, Managing Director, Intra-Africa Trade indicated that it is important to deal with facilitation issues and that is why the partnership with AUDA-NEPAD because finance only will not be able to break down the barriers and the borders that divide African countries. Partnerships are key in addressing the bottlesnecks and challenges we face in moving goods and services across borders.
“Institutions that are aligned have to work together, our ambition is to support the implementation and success of the AfCFTA and by 2063,we will have the Africa that we want”, she said.
The partnership between AUDA-NEPAD and AFREXIM Bank is key to defining Trade related and Industrialisation programmes at AUDA-NEPAD. As outlined in the MoU the Bank will support AUDA-NEPAD to developfocus on the following objectives:
- To upscale MoveAfrica from an initiative into a trade facilitation programme which will be coordinating with RECs on matters pertaining to cross-border logistics integration.
- Support to Industrialisation to coordinate with AU Member States, Regional Economic Communities, the private sector, and other key stakeholders in accelerating Africa’s equitable and sustainable industrialisation on the continent.
- To support Economic Integration in advancing Africa’s physical and economic integration through Digitalisation and PIDA ICT Projects
The parties will establish an implementation team, comprised of officers from both AUDA-NEPAD and AFREXIM Bank as designated in the implementation plan for the satisfactory implementation of the activities detailed in the MoU.
This MoU is another ray of hope in the overall goal of the MoveAfrica initiative aimed at the ease of movement of goods, services and people across the continent.
Source: The African Union Development Agency – NEPAD (Published on November 24, 2021)