African Business Roundtable, Afreximbank conclude second webinar in series for project preparation
The African Business Roundtable (ABR) and the African Import-Export Bank (Afreximbank) came together last week in a well executed endeavor that is a passion of both organizations - bringing business projects to fruition.
The ABR came into being over 30 years ago with the clear objective of supporting the private sector of Africa, nurturing it to a point of international success and recognition. The Afreximbank, a trade finance bank, has also spent the past three decades committed to assisting African entrepreneurs and businesses in realizing their projects. It was this joint objective that led both organizations to coordinate the Project Preparation Masterclass webinar, free and accessible to all.
Speaking at the webinar were industry leaders like
Yusuf Daya, Director AU/AfCFTA Relations and Trade Policy of Afreximbank,
Nana Amoto Mensah, Executive Director C-NERGY Global Holdings, Ghana, and
Zitto Alfayo, Head of Project Preparation, Afreximbank.
Poor planning and even poorer execution has been identified as a primary cause of startups failures, especially in Africa. The most brilliant plan will not secure the required funding if investors are not satisfied on the viability of a project, and many startups lack the knowledge and skill needed to take their plan through the required stages – from idea generation to pitch presentation.
Zitto Alfayo Head of Project Preparation, Afreximbank: “Out of every ten transactions conceived in Africa, only one gets to financial closing. We have analyzed and found that the key challenge comes in at the feasibility stage. This is where one needs to commit resources, time and effort in order to get to bankability.”
The webinar focused on filling a knowledge gap which is inhibiting African companies from accessing the financing needed to take their projects off the ground. Participants listened to banking and trade experts with decades of experience from all over the continent share insight on how best to approach the right investors to secure funding for their projects.
Yusuf Daya, Director AU/AfCFTA Relations and Trade Policy of Afreximbank: “We recognize that trade finance in Africa continues to be handicapped by liquidity constraints, further worsened by the withdrawal from Africa by foreign banks and low access to financing for SMEs. For this reason, the Afreximbank has prioritized facilitating trade finance on the continent.”
In his closing remarks, Dr. Mohammed El Sahili, African Business Roundtable Country Director, Zambia, stressed that the issue of attracting funding from investors is of great importance and therefore in the interest of entrepreneurs and businesses to acquire this skill.
“The next webinar in this series is scheduled for September 28th 2022, and will focus on case studies of real projects and center on specificities of project preparation,” he concluded.
For more information on upcoming webinars in this series, please contact Samuel Ayodele of the African Business Roundtable.
About the African Business Roundtable
The African Development Bank Group set up the African Business Roundtable in 1990. Today the ABR is Africa’s foremost and continent-wide association of businesses and business leaders, and is the representative of the African Business Society to the United Nations. An independent, non-partisan, non-profit private sector funded organization, The African Business Roundtable is an NGO in Special Consultative Status with the Economic and Social Council of the United Nations (ECOSOC) and is the only organization representing the African Private Sector within ECOSOC.
About the African Export–Import Bank
The African Export–Import Bank, also referred to as Afreximbank, is a pan-African multilateral trade finance institution created in 1993 under the auspices of the African Development Bank. It is headquartered in Cairo, Egypt. Afreximbank's vision is to be the trade finance bank for Africa.