Financial institutions vital to Africa’s transformation

KALONDE NYATI, Kigali, Rwanda
RWANDA’s Minister of Finance and Economic Planning Claver Gatete says Africa needs sound financial institutions to

support its economic transformation agenda.
Mr Gatete said with intra-Africa trade remaining still low at about 15 percent , sound financial institutions can play a critical role by ensuring availability of funds to support trade related projects.
Opening the African Export and Import Bank (Afrexim) annual general meeting of shareholders and related events, Mr Gatete said infrastructure deficits and insufficient export diversification hamper intra Africa trade and economic transformation of the continent.
The AGM has attracted policy makers, central bank governors from across the continent, investors, philanthropists, global experts with Zambia being represented by Bank of Zambia governor Denny Kalyalya and officials from the central bank.
“Low levels of integration among countries and over reliance of export of raw materials have undermined our capacity to effectively enter the value chain. Afrexim bank is therefore relevant in accelerating trade through the provision of capital,” he said.
He said African trade could be transformed by connecting disconnected markets through integration and by deepening value chains.
Earlier Afrexim Bank vice president in charge of finance, administration and banking services Denys Denya observed that unlike other regions, trade has failed to unlock the development of Africa saying there is need to optimise the potential trade has in the transformation of the continent.
Mr Denya pledged the bank’s commitment to support intra trade by ensuring funds are available to support various projects.

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