Posted on November, 14, 2023 at 09:43 am
Professor Bandedict Oramah, President of the African Export-Import Bank (Afreximbank), revealed the launch of the unprecedented system for managing cross-border trade on the continent.
He said during the activities of the fourth day of the Intra-African Trade Exhibition, which Egypt is hosting during the period from November 9 to 15, that the bank’s system for achieving continental integration and economic prosperity aims to improve competitiveness with regard to cross-border trade.
Oramah stated that since 2021, Afrexim Bank has joined COMESA to establish this system, which includes the issuance of bonds that will be used to transform the continent into an integrated market. He stressed that it took a long time to reach this system.
He noted that $1 billion has been allocated to support this system, noting that $200 million is being used to support the system through COMESA.
Oramah pointed out that it is expected that when this system is implemented, the continent will save about $300 billion annually in costs that were previously incurred.
He explained that continental cross-border bonds are unprecedented, noting that $30,000 has also been allocated to support innovations aimed at enhancing trade on the African continent and facilitating the movement of goods and commodities.
Source: Zawya