Business

Afreximbank unveils trade finance plan

KALONDE NYATI, Lusaka
THE African Export -Import Bank (Afreximbank) has announced a five-year strategic plan that will result in the injection of over US$ 90 billion to boost trade finance among member countries.
This means that Zambia and other African countries can access the funds to be disbursed through the African Continental Trade Finance Institution this year to 2021.
According to a statement issued by the Afreximbank communications department, the plan, dubbed ‘Impact 2021: Africa transformed’ will support four pillars; intra-African trade, industrialisation and export development, trade finance leadership and financial soundness and performance.
“The new plan envisions an aggregate disbursement of US$90 billion during the five-year period, reflecting the revolving nature of trade finance business, with disbursements in support of intra-Africa trade expected to reach US$25 billion,” the statement read.
The bank notes that in the intra-Africa trade pillar, the bank will promote and finance intra-Africa trade and trade with the African diaspora through an initiative dubbed ‘Create, connect, deliver and measure (CCDm)’.
This is aimed at building solid export manufacturing capabilities as well as domestic and continental supply chains to facilitate increased flow of goods and services in Africa.
“CCDm will bring together key players such as the farmer, the processor, manufacturer, tradable service providers, traders, financiers, logistics providers and policy-makers,” Afreximbank says.
Commenting on the development, Afreximbank president Benedict Oramah said, “The approval of impact 2021 paves the way for Afreximbank to begin to more directly address the imperatives of its mandate.”

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