- IATF Will Generate $40bn in Trade Deals- Afreximbank
President, African Export-Import Bank, Prof Benedict Oramah, has said the second Intra-African Trade Fair scheduled to take place in Kigali from September 1 to 7, 2020 will target the execution of intra-African trade deals worth more than $40bn.
Afriximbank said in a statement on Wednesday that Oramah disclosed this while speaking in Kigali at the signing of the hosting agreement for IATF2020 by the government of Rwanda, Afreximbank and the African Union.
The Minister of Trade and Industry of Rwanda, Soraya Hakuziyaremye, signed for the government; Oramah signed for Afreximbank; and Commissioner for Trade and Industry of the African Union, Amb Albert Muchanga, signed for the organisation during the ceremony which held at the Transform Africa Summit, in Kigali.
Oramah said that for IATF2020, which as being organised by Afreximbank in collaboration with the African Union and hosted by Rwanda, the partners had set themselves the ambitious target of attracting more than 1,000 exhibitors and hosting over 10,000 buyers and conference participants from over 50 countries.
According to him, the trade fair would build on the tremendous progress made in the first Intra-African Trade Fair held in Cairo in 2018 to achieve more far-reaching results in terms of impact in promoting intra-African trade.
Oramah stated that, “52 countries have signed the AfCFTA and 22 have ratified it, paving the way for the agreement to enter into force.”
He stated that IAATF2020 would include an IATF trade and investment forum which would look at the practical challenges affecting AfCFTA implementation and provide solutions on how to address them and exploit the benefits offered by the Agreement.