Afreximbank unveils $90 billion intra-trade scheme

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Africa’s development is set to get a boost with the unveiling of $90 billion strategic plan by the African Export-Import Bank (Afreximbank).

The strategy, made up of four pillars Intra African Trade; Industrialisation and Export Development; Trade Finance Leadership; and Financial Soundness and Performance, would unlock development gains inherent in collaborative bilateral deals in the continent.

The move will also open opportunities to financing of intra-trade activities, as well as trade with Africans in Diaspora, while respective economies in the region would receive growth boost. It would also allow for the expansion of domestic trade value chains, thereby strengthening the capacity of African economies to resist economic shocks.

Afreximbank said the plan, which has already begun, is a new five-year scheme that will see it disburse the $90 billion between 2017 and 2021.

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