Afreximbank to double Intra-African Trade Financing to $40 Billion

Abuja, Nigeria | THE INDEPENDENT | Africa’s multilateral lender, the African Export-Import Bank, aims to double its financing of intra-African trade from $20 billion in 2021 to $40 billion by 2026. This announcement was made by Haytham ElMaayergi, the bank’s Executive Vice President, Global Trade Bank, during the African Caucus Meeting of the World Bank Group and the International Monetary Fund (IMF) in Abuja from August 1-3, 2024.

Representing Afreximbank President Prof. Benedict Oramah, ElMaayergi emphasized the bank’s commitment to facilitating intra-African trade since its inception. Afreximbank has pledged $1 billion to the AfCFTA Adjustment Fund and a $10 million grant for its operationalization.

ElMaayergi also highlighted partnerships with the AfCFTA Secretariat and the African Union Commission (AUC) to implement key initiatives, including the Pan-African Payments and Settlements System. He called on participants to support African multilateral financial institutions in advancing the AU’s Agenda 2063.