The President of the African Export-Import Bank (Afreximbank), Professor Benedict Oramah, has said that the Bank has developed innovative products and means to support member countries in their diversification of sources of growth and trade, both at national and state levels.
Professor Oramah who is also the Chairman of the Board of Directors of the Bank articulated the scope and nature of the Bank’s interventions in a statement, stressing that the Bank’s innovations will help such countries or states in their process of structural transformation and diversification of exports.
Afreximbank President had earlier outlined the new parameters of engagement with its member countries in a virtual presentation at the sixth edition of Kaduna Investment and Economic Summit (KADINVEST) which was held on September 23.
Professor Oramah was represented by Dr Hippolyte Fofack, the Chief Economist of the Bank at the two-day summit which held in Kaduna.
Afreximbank President listed ‘’the Pan-African Payments and Settlements System (PAPSS) to facilitate the payment for cross-border trade in African currencies and reduce the costs of intra-African trade.’’
He also said that member countries can access ‘’the Fund for Export Development in Africa (FEDA) to address the equity and long-term funding gap and attract FDI into Africa to accelerate the emergence of SMEs in supply chains.
According to the statement, the Afreximbank African Collaborative Transit Guarantee Scheme (AACTGS) can facilitate seamless movements of goods across multiple borders, and reduce costs of transit bonds as well as time to export/import.
Afreximbank’s ‘’Customer Due Diligence Repository Platform (MANSA) will ease the costs of conducting Know-Your-Customer checks for African corporates and financial institutions to boost FDI inflows and trade,’’ he added.
The President also said that the Bank’s ‘’Africa Quality Assurance Centre (AQAC) will ensure that African products are manufactured to international standards to sustain global demand and drive investment.”
Professor Oramah further said that the Bank’s ‘’Intra-African Trade Fair (IATF) provides the continental platform for countries and corporations to showcase their goods and nurture business relations with the view to boosting trade and driving investment growth.‘’
Oramah who was the keynote speaker at KADINVEST 6.0, welcomed the steps taken by Kaduna State Government ‘’to drive and change the composition of investment.’’