by Ìbùkúnolúwa Dàda

At the 31st Annual Meetings, African Export-Import Bank (Afreximbank) has launched the 2024 African Trade Report and ATDC to aid Moses and small farmers across Africa. 

The three-day meeting, themed “Owning our Destiny: Economic Prosperity on the Platform of Global Africa,” has seen these two launches, and several partnerships and agreements in its aim to strengthen ties between Africa and the Caribbean.

President Oramah, along with H.E. Dr. Monique Nsanzabaganwa, Dr. Roger W. Ferguson, Jr., and Dr. Yemi Kale, unveiled the 2024 African Trade Report titled “Climate Implications of the AfCFTA Implementation”. The report analyzes the impact of the AfCFTA on carbon emissions in Africa, a continent that contributes only 3% of global emissions yet faces disproportionate consequences from climate change. 

Financed by USD 1 billion from Afreximbank, President Oramah launched the Africa Trade and Distribution Company (ATDC) alongside H.E. Wamkele Mene, Secretary General of the African Continental Free Trade Area (AfCFTA) Secretariat, Mr. Samalia Zubairu, CEO of Africa Finance Corporation and Mr. Gagan Gupta, Founder and CEO of Arise integrated Industrial Platforms. The ATDC aims to enable small farmers and SMEs to actively engage in regional and global trade markets through processing and distribution support.

Afreximbank, the Fund of Export Development in Africa (FEDA), and JVL Media, formed a partnership through a Memorandum of Intent signed by the actress, Viola

Davis. This collaboration, through the Creative Africa Nexus Programme, aims to promote Africa’s publishing and film industries, advance Afro-narratives in global cinema, and elevate the continent’s creative sector internationally.

Afreximbank and Rawbank have entered into a landmark $100M trade finance facility agreement, the largest of its kind in the Democratic Republic of the Congo (DRC). Signed by Didier Tilman, VP, Business Development Rawbank, and Haytham Elmaayergi, EVP, Global Trade Bank, Afreximbank, this partnership aims to bolster trade finance and support economic growth in Africa, while countering the reduction of trade lines to African banks by international financial institutions.

Afreximbank and CBZ Bank Zimbabwe have signed two facility agreements totaling $80M. The first, an uncommitted $60M facility, will confirm trade instruments issued by CBZ Bank Zimbabwe, while the second, a $20M facility, will support on-lending to corporate clients and SMEs for essential trade finance activities, including raw material procurement and supply chain business. Signed by Smangele Mandidi, Acting Managing Director of CBZ Bank, and Haytham Elmaayergi, Executive Vice President of Global Trade Bank at Afreximbank, these facilities aim to enhance trade finance in Zimbabwe and support economic growth by empowering SMEs and corporate clients.

Afreximbank and Etu Energias have signed a substantial $443M facility agreement to facilitate the local acquisition of strategic petroleum assets in Angola, marking a significant step in enhancing the country’s energy sector and security. The deal was formalized by Mr. Edson Dos Santos, CEO of Etu Energias, and Haytham Elmaayergi, EVP Global Trade Bank, Afreximbank. 

At the Annual AfriCaribbean Trade and Investment Forum 2024, Afreximbank and Prime Meridian Dock signed a $50 million Facility Agreement to support the development of an advanced vessel dry dock repair terminal in Ghana. This strategic investment aims to enhance maritime infrastructure, drive economic growth, and foster trade in the region. The signatories were Mrs. Kanayo Awani, Executive Vice-President of Intra-African Trade and Export Development at Afreximbank, and Stanley Ahulu, CEO of Prime Meridian Dock.

Afreximbank also signed two deals with The Maloney Group: a $90 million facility to finance the construction of the Hyatt Hotel in Barbados and a $10 million trade finance facility to support Rock Hard Distribution with cement importation. The signatories were Gwen Mwaba, Director & Global Head of Trade Finance at Afreximbank, and Mark Maloney, Executive Chairman of Maloney Group.

The meetings ended today, June 15, after several panel sessions and a side event themed ‘Women as Champions of Afro-Caribbean Trade’. Notable women including Mrs. Ibukun Awosika, CEO, The Chair Centre Group and Oluranti Doherty, Export Director, Development Afreximbank, among others