The Africa Export-Import Bank (Afreximbank) and the African Capacity Building Foundation (ACBF) have signed an agreement to support capacity development initiatives over a period of five years, ending in 2025.

The agreement, signed by Afreximbank president Professor Benedict Oramah and ACBF executive secretary Professor Emmanuel Nnadozie, will see the two pan-African institutions contribute to capacity development for the implementation of the Africa Continental Free Trade Area.

This encompasses knowledge-sharing, advocacy and the promotion of trade and economic development in the African Union’s member States.

Oramah emphasises the need for African institutions to harness the power of collaboration to achieve better results in developing the African continent, particularly during and after the Covid-19 era.

“The ACBF has proved to be capable and effective in its long-standing role as an agent for capacity development in Africa,” he says.

Further, Oramah says Afreximbank is confident that the collaboration it has agreed with the ACBF will make the necessary impact in various African States, and further advance the aspirations of Agenda 2063.

Nnadozie acknowledges the timely support by Afreximbank, saying it will enable the foundation to continue its support to African countries faced with capacity challenges that have been exacerbated by the Covid-19 pandemic.

“We are truly inspired and appreciative of the support we continue to enjoy from Afreximbank. The impact we have made together as African institutions is tremendous, and we look forward to contributing to the post-Covid-19 recovery of African economies through supporting and addressing their capacity needs during these trying times,” he says.

The financial assistance follows the initial support provided by Afreximbank to the ACBF about five years after the two institutions entered into a partnership to collaborate in strengthening human and institutional capacity to support intra-African trade, in contribution to the sustainable development of African countries.