Trade finance institution the African Export-Import Bank (Afreximbank) plans to double its financing of intra-African trade from $20-billion in 2021 to $40-billion by 2026, Afreximbank Global Trade Bank executive VP Haytham ElMaayergi has said.

“Afreximbank had been a champion of facilitating intra-African trade since its founding. It has committed $1-billion to support the funding of the African Continental Free Trade Agreement (AfCFTA) Adjustment Fund, and provided a $10-million grant to facilitate the establishment and operationalisation of that fund,” he said during the African Caucus Meeting of the World Bank Group and the International Monetary Fund (IMF).

“The bank is also partnering with the AfCFTA Secretariat and the African Union Commission to ensure a successful implementation of the Pan-African Payments and Settlements System, the African Trade Gateway and the Afreximbank African Collaborative Transit Guarantee Scheme,” he added.

Additionally, the Alliance of African Multilateral Financial Institutions (AAMFI), launched in February, will enhance the effectiveness of other continental multilateral financial institutions created to help address the critical financing gaps in Africa and facilitate trade, he said.

Further, the AU had recognised African multilateral financial institutions as crucial for strengthening the continental financial framework and advancing the AU’s Agenda 2063, ElMaayergi said.

He called on the participants at the African Caucus Meeting to reaffirm their commitment to those institutions. He also urged the World Bank and the IMF to work with AAMFI in addressing the continent’s challenges.

“We especially call on you to reaffirm the special privileges and immunities that you have given these institutions, including the preferred creditor status, which are essential for addressing the continent’s development needs, and we call upon all stakeholders to respect the treaty obligations you have made to these institutions,” he said.

The theme of the African Caucus Meeting, attended mainly by African finance ministers and central bank governors, was 'Facilitating Intra-African Trade: Catalyst for Sustainable Development in Africa'. It was aimed at identifying key challenges facing Africa in achieving full integration and engaging in strategic dialogues to engender sustainable solutions.