Africa-Press – Botswana. The president of Afreximbank, Benedict Oramah, announced, in Cairo, Egypt, a US$4 billion trade finance program for adjustment to the Ukraine crisis for Africa (UKAFPA), to help member countries, to contain short-term impacts.
Benedict Oramah, who was speaking at the opening of the Afreximbank Annual Conference, which takes place in Cairo, appreciated the new challenges posed to Africa by the crisis in Ukraine, pointing out difficulties in accessing grains, fertilizers and petroleum products for some countries, reported yesterday.
In view of the international scenario, he called for a greater commitment from shareholders with the bank, stating that a stronger Afreximbank could be one of the solid pillars on which Africa’s development could be built.
“Despite the increasing frequency of crises, we must not lose sight of the fundamental challenges that Africa must solve. We can no longer accept that, after 60 years of independence, Africa remains fragmented financially and economically. We cannot continue to defend the benefits of an integrated continent, but we do little to achieve it,” said Oramah.
Benedit Oramah announced that, by 2021, Afreximbank, through its Intra-African Trade Division, has disbursed around US$20 billion in trade and investment support, with plans to disburse a further US$40 billion over the next five years.
The financial provision raised the share of intra-African trade in the Bank’s portfolio from 3.0 percent in 2016 to around 27 percent in 2021, and allowed African contractors to bid for African infrastructure-related projects.
“Africa’s problems are for Africans to solve,” Benedict Oramah told attendees at the start of Afreximbank’s 29th Annual Meeting (AAM2022), reiterating the bank’s decision to step in to help the continent implement African solutions during difficult times, some with support from other development partners.
AAM2022, which ends today, with the motto “Realizing the potential of the AFTA in the post-Covid-19 era, leveraging the power of youth”.
Afreximbank has an available credit portfolio for Angola of US$1.3 billion, in funds dedicated to investments, with one billion available to implement projects linked to the Energy and Water sectors and in credit to support commercial banks.
The values have been available since 2021, after being announced by the president by Benedict Oramah, during an audience granted by the President of the Republic, João Lourenço, on February 10, 2021.
For More News And Analysis About Botswana Follow Africa-Press
