Fidelity bank banner Bayelsa State banner
Afreximbank and ECIC pledge $1bn to expand trade between SA and other African countries

By News Express on 13/04/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,043


 

Headquartered in Cairo, the African Export-Import Bank (Afreximbank) and the Export Credit Insurance Corporation (ECIC) of SA have entered into a memorandum of understanding (MOU) to launch a $1bn (R12bn) financing programme to promote and expand trade and investments between SA and the rest of Africa.

Afreximbank and the ECIC will jointly implement the South Africa-Africa Trade and Investment Promotion Programme.

The programme will focus on the identification, preparation and appraisal of trade transactions and projects; exploration of co-financing and risk-sharing opportunities; and knowledge-sharing work, with particular emphasis on intra-African trade matters through technical cooperation, staff exchange, research and joint events.

SA, which joined Afreximbank as a shareholder in November 2017 and named the ECIC as its designated investor, is eligible for the bank’s trade promotion programmes and financial services.

Afreximbank president Dr Benedict Oramah said during the signing ceremony: “In line with our strategy, Impact 2021: Africa Transformed, which prioritises intra-African trade, industrialisation and export manufacturing, we decided to develop this joint programme as it provides a platform for the realisation of our strategic objectives while also aligning with SA’s strategic goal of expanding trade with the rest of Africa.”

Dr Oramah said that in addition to being Africa’s most industrialised country and a regional manufacturing hub with one of the largest and most diversified economies in the continent, SA also accounted for the largest proportion of intra-African trade for exports (24.5%) imports (15.4%).

He said the joint initiative would support businesses through capacity-building and market-information initiatives; help small and medium-sized businesses join regional supply chains; and provide advisory services and guarantees to South African investors seeking trade and investment opportunities in Afreximbank African member states.

ECIC CEO Kutoane Kutoane said that joining Afreximbank as a shareholder had made it possible for SA to widen its access to other African markets.

Beyond the ECIC’s mandate to increase the volumes of South African exports, the institution was committed to contributing to Africa’s industrialisation in an inclusive manner.

“We realise that one of the best ways to enhance our exporting capabilities as a country is by intensifying mutually beneficial trade with the rest of the continent,” said Mr Kutoane.

Kanayo Awani, MD of Afreximbank’s intra-African trade initiative, said the new trade and investment programme offered numerous opportunities to SA-based entrepreneurs expanding to the rest of Africa, including trade and project financing, guarantees, twinning or business-matchmaking services, export logistics facilitation, capacity building, and trade information and advisory services.

Implementation of the MOU will involve technical teams from the two institutions collaborating in identifying trade transactions and projects eligible for financing.

•Photo shows Afreximbank President Dr Benedict Oramah (right) and Kutoane Kutoane, CEO of the ECIC of South Africa, exchanging documents following the signing of the memorandum in Cairo

 

Source News Express

Posted 13/04/2018 9:45:54 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Chronic diseases preventable through exercise, diet control

Obasanjo threatens to commit suicide if hope dims...

FG prepares Information Officers to tackle fake news...

Ribadu picks PDP governorship form, applies for waiver...

Anglican Church writes Buhari on unlicensed schools

Alaibe leads 1,500 PDP members to APC in...

Poor marks for Buhari over abducted Chibok girls...

Final Investment Decision on NLNG Train 7+ ‘imminent’...

Today’s Weather: NiMET forecasts prevalence of dust haze...

Politics of the stomach: Fayose shares 30,000 bags...

We’re not planning to attack any country: Nigerian...

M.K.O Abiola has resurrected in Rivers, says State...

 

Latest News Ebonyi to build International Airport Man kills sick brother to avoid paying medical bills INEC wants N6bn to feed policemen during 2019 polls Arewa youths back Saraki, caution Oshiomhole on utterances Why we suspended consular services in Abuja — U.S. Embassy Police capture 20 suspected Zamfra bandits, recover arms SERAP sues NYSC over failure to publish Kemi Adeosun’s ‘exemption certificate’ 25 students killed in bomb blast Reps, INEC meet over 2019 general elections FEC approves N15.73 billion road project in Enugu El-Rufa’i presents N155bn 2019 budget for Kaduna Fake news aggravated recent National Assembly crisis — Minister

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (377,106 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (366,278 views) Shameless Genevieve Nnaji exposes breasts in public (295,970 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (241,616 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (222,323 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (216,964 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (192,366 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (174,546 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (159,518 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (158,075 views) Lagos plane crash: Journalist releases victims’ names (152,538 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (142,901 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (56) Business & Economy (3,451) Business Verdict (48) Columnists (908) Complaints & Requests (95) Enterprise & Opportunities (207) Entertainment (527) Features (632) Global Business Monitor (294) International (2,268) Interview (161) Live Commentary (28) Love Matters (134) News (38,028) Opinion (1,057) Pidgin (11) Politics (6,045) Religion (816) Sports (1,645) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Liverpool Destroying West Ham 4-0 - Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement