Finance
AfDB Supports Trade Finance With $900m
- AfDB Supports Trade Finance With $900m
Mr. Adeniyi Adesina, the African Development Bank President, said the bank provided trade finance credit of $900 million to boost Afreximbank’s trade finance activities.
The president said with the fast-changing business landscape and rising calls for unilateralism, Africa must trade smartly and ensure rapid growth in Intra-African trade.
Speaking in Abuja at a dinner organised to mark the 2018 Annual Meetings and 25th anniversary of the African Export-Import Bank (Afreximbank), “Adesina pointed to the important role of the African Continental Free Trade Area (AfCFTA) in that regard, saying when fully implemented, the AfCFTA would raise the share of Intra-African trade in Africa’s total trade from 16 per cent to 52 per cent.”
“It would also increase the value of Africa’s traded goods and services by $35 billion per year,” he added.