Afreximbank co-hosts Webinar on Intra-African Trade and Investment with the East African Business Council
02-11-2022 15:42:48 | by: Marlene Mutimawase | hits: 2545 | Tags:

African Export-Import Bank (Afreximbank) hosted a webinar on intra-African trade and investment on 20 October 2022, alongside the East African Business Council (EABC).

The conversation addressed key challenges confronting African businesses when approaching intra-African trade, recognizing that 80% of Africa’s small businesses have no access to trade finance and over US$5 billion is lost due to currency conversion during transactions. Afreximbank described the innovative products offered by the Bank to boost access to finance and cross-border payments under the African Continental Free Trade Area (AfCFTA).

Dr. Gainmore Zanamwe, Head, Intra-African Trade Bank, Afreximbank, also praised public-private partnerships in East Africa, and called on this model of co-operation to be replicated across the continent. He suggested that a combination of industrialization and the development of regional value chains – as well as a reduced dependence on commodities – would create quality jobs and accelerate economic interaction between African businesses.

EABC Chairperson Emeritus Dr. Vimal Shah told attendees of the vital importance of integrating fintechs into Pan-African Payment and Settlement Systems (PAPPS), to ease the process and reduce the cost of doing business transactions across Africa.

The EABC-Africa Trade and Investment Council (EATIC) – launched in June 2022 by both Afreximbank and the EABC – was cited as a key driver of opportunities generated by the AfCFTA, creating intelligence on markets and investment opportunities across the continent.

Mr. Dennis Karera, EABC Vice Chair & EATIC Focal Point called for structured engagement for private sector with the AfCFTA Secretariat in Ghana through Regional Business Councils to ensure private sector proposals on AfCFTA negotiations are taken on board to bolster intra-Africa trade, investment economic growth and prosperity.

Attendees were addressed by prominent leaders in pan-African trade development, with the discussion also featuring contributions from: John Bosco Kalisa, EABC Chief Executive Officer; John Bosco Sebabi, Deputy Head of Pan-African Payment and Settlement System (PAPSS); Emily Mburu-Ndoria, Director of Trade-in-Services, Investment, Intellectual Property Rights and Digital Trade, AfCFTA Secretariat; and from Afreximbank, Lizanne Case, Senior Manager of Trade Intelligence Solutions, and Matimba Changala, Manager, Intra-African Trade Bank.