Afreximbank commits $1bn to support AfCFTA

The African Export-Import Bank (Afreximbank) has expressed commitment to the full implementation of the African Continental Free Trade Area (AfCFTA), a vehicle to propel economic recovery of Africa.
The Regional Chief Operating Officer of Afreximbank, Mr Eric Monchu Intong, said the bank recently launched a $1 billion adjustment facility as mandated by the African Union to enable states and the private sector to adapt to new trading environment under the AfCFTA.
At the five-day  ITC/Afreximbank/NEPC project b972 National Workshop in Abuja, he said “we expect the development of regional value chains and local manufacturing capacities in pharmaceuticals and medical equipment, automotive sector, among others’’.
He stressed that the AfCFTA is projected to usher in a new era with the potential to catalyse intra-African trade that will witness the greater exchange of value-added products which would significantly contribute to accelerating Africa’s development and structural transformation.


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