The African Continental Free Trade Area (AfCFTA) will lead to Africa’s economic development and bring about a better future for the continent, Dr. Benedict Oramah, President of the African Export-Import Bank (Afreximbank), has said. They included South Africa in Southern Africa, Nigeria and Cote d’Ivoire in West Africa, Kenya in East Africa and Egypt in North Africa. He added that the Bank had signed a $1 billion memorandum of understanding with the Export Credit Insurance Corporation of South Africa for a South Africa-Africa Trade Promotion Programme aimed at expanding trade between South Africa and other African countries. Afreximbank had also introduced an African Guarantee Programme to enhance the ability of African businesses to obtain trade financing. Earlier, Cyril Ramaphosa, President of South Africa, said that although the AfCFTA had been long in coming, it offered a lot of hope for the African continent.

Source: The North Africa Journal March 23, 2018 20:15 UTC