Promoting Intra-African Trade

Afreximbank is stalwart supporter of the African Continental Free Trade Agreement (AfCFTA) and by so doing has developed a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union as the payment and settlement platform to underpin the implementation of AfCFTA. The recent events in Cameroon, the bank’s official said, reflects and broader commitment and determination to support the country’s expansion of its manufacturing capacity through the development of logistics, industrial parks and processing plants for key commodities. It will also facilitate the provision of finance for the import of capital goods to accelerate industrialization. “Central to Afreximbank’s work in Cameroon will be the facilitation of export of processed and manufactured goods and close collaboration with Cameroonian businesses to increase their access to regional and continental markets within the context of the African Continental Free Trade Area (AfCFTA),” the bank’s President, Prof Benedict Oramah said.

While expressing gratitude to the government of Cameroon for the unwavering support, Prof Oramah said with the opening of the Regional Office in Yaounde, the Bank’s services will become more available across the Central Africa region which has the least rate (2.5 per cent) of intra-Africa trade. The choice of Yaounde, Cameroon, he explained, was not by chance but by merit as the most dynamic and competitive economy in the sub-region.

While inaugurating the Central Africa Regional Office in Yaounde, Cameroon’s Prime Minister, Head of Government, Chief Dr Joseph Dion Ngute saluted the choice of Cameroon and stated that the regional office will the hub of bank’s activities and projects for countries of Central Africa. He cited certain areas the Afreximbank has intervened in Cameroon notably the financing of the refining of oil products, production sector and support to the fight against Covid-19 amongst others.

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