The Africa Trade Desk, a public-private partnership between Prosper Africa and Afritex Ventures, is set to facilitate at least $300 million in export sales between Africa and the United States within the next 18 months. The Africa Trade Desk bridges the gap between African suppliers and U.S. retailers by establishing a secure supply chain from Africa to U.S. retailers by consolidating logistics, insurance, and track and trace technology from farm to retailer. Initially, the focus will remain on speciality food products such as seafood, peppadews, stone fruit, citrus, and high-value herbs and vegetables. This initiative aggregates products from African suppliers, secures firm orders from its established network of U.S. buyers, and accesses financial resources to fund large orders. It supports U.S. retailers in diversifying their sourcing, reducing dependencies on traditional supply chains, and embracing high-quality, sustainable products from Africa, and also aims to mentor and scale African suppliers for success in the U.S. market. The Africa Trade Desk will help streamline business for African farmers by addressing hurdles including logistics and overseas marketing.

Prosper Africa is a U.S. Presidential-level national security initiative created to increase trade and investment at transformative levels. Prosper Africa is leading innovative approaches to U.S.-Africa trade relations and is changing the way we do business with Africa.

The event was graced by the Right Honourable Dr. Edouard Ngirente, the Prime Minister of the Republic of Rwanda who was accompanied by the President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah, Executive Vice Presidents of Afreximbank, members of the Board of Directors of FEDA and Marlene Ngoyi, Chief Executive Officer of FEDA.

Speaking at the inauguration, the Prime Minister said: “The establishment of FEDA in Rwanda reflects our commitment to not only fostering economic development within our borders but also to playing a pivotal role in the economic transformation of our continent. This initiative is a step closer to the realisation of the goals outlined in the Agenda 2063 of the African Union which lays great emphasis on the transformation of African economies and acceleration of economic growth on the continent.”

He noted that despite Africa’s significant resource endowments and contiguous markets, the continent had the lowest level of intra-regional trade in the world, adding that the continent’s share of value created remained the lowest across many products and commodities due to sub-optimal value addition.

On his part, President of Afreximbank, Prof. Benedict Oramah noted: “FEDA adds to the pool of institutions helping Africa to create its own capital base for development. With a focus on providing long-term, patient capital targeting all segments, from SMEs to corporates, and cutting across dynamic sectors of value-addition, services, and technology, FEDA is poised to drive Africa’s development under a new vision of de-commoditised, growth-oriented pathways underpinned by a dynamic private sector.”

Prof. Oramah explained: “The strategic importance of FEDA is becoming apparent just four years after it began operations. Funds Under Management under different strategies amount to about US$800 million and FEDA is using some of these funds to create and mobilise additional funds. FEDA is also a co-promoter of a US$500 million Africa Credit Opportunity Fund (ACOF) and is currently creating a US$100 million Venture Capital Fund to focus on start-ups and SMEs with seed funding from Afreximbank.”

The inauguration, which took place at the Radisson Blu Hotel and Kigali Convention Centre, was witnessed by over 150 guests drawn from the Rwandan government, the business and diplomatic community in Rwanda and representatives of the African Union and other regional economic and political bodies among others.

FEDA became the Fund Manager of the US$1 billion AfCFTA Adjustment Fund in 2023.

Media Contact:

Vincent Musumba

Manager, Communications and Events (Media Relations)

Email: press@afreximbank.com

Tel: +20 2 24564100 /1/2/3

Mobile: +201030121123

ENDS –

About FEDA:

The Fund for Export Development in Africa (“FEDA”) is the impact investment subsidiary of Afreximbank set up to provide equity, quasi-equity, and debt capital to finance the multi-billion-dollar funding gap (particularly in equity) needed to transform the Trade sector in Africa. FEDA pursues a multi-sector investment strategy along the intra-African trade, value-added export development, and manufacturing value chain which includes financial services, technology, consumer and retail goods, manufacturing, transport & logistics, agribusiness, as well as ancillary trade enabling infrastructure such as industrial parks.

About Afreximbank

African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance, facilitate and promote intra and extra-African trade. For over 30 years, the Bank has been deploying innovative instruments to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the AfCFTA, Afreximbank has in partnership with the African Union Commission and AFCFTA Secretariat launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the Free Trade Agreement. The AFCFTA Secretariat and the Bank have created a USD 10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of September 2023, Afreximbank’s total assets and guarantees stood at USD 31.5 billion, and its shareholder funds amounted to USD 5.85 billion. The Bank disbursed more than USD 100 billion between 2016 and 2023 through various interventions for the advancement of the continent. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”).For more information, visit: www.afreximbank.com

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According to the Future of Trade 2023 report, robust intra-regional trade growth is anticipated for West and East Africa. West Africa, in particular, presents significant potential for the establishment of value chains, especially in agricultural products like shea butter and cocoa beans. Initiatives such as the West Africa Regional Communications Infrastructure Project are expected to enhance connectivity, facilitating increased trade activities.

At a ceremony on the fifth day of the third Intra-African Trade Fair (IATF2023), Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, signed the framework agreement on behalf of the Bank.

Other signers were Robertine Walendom, Minister of Industry and Trade of Chad; Sosten Gwengwe, Minister of Industry and Trade of Malawi; Dr. Anxious Masuka, Minister of Lands, Agriculture, Fisheries, Water and Rural Development of Zimbabwe; Dr. Rania A. Al-Mashat, Minister of International Cooperation of Egypt; and Gagan Gupta, Founder and CEO of ARISE IIP.

Afreximbank, working with strategic partners and member countries, is facilitating the implementation of the ExAFS initiative by committing US$2 billion to boost production, processing and intra-African trade in agricultural products and provide African farmers and agribusinesses with opportunities to access larger markets across the continent.

The initiative is intended to help address food insecurity in Africa, which includes a near 20 per cent hunger rate, by reducing dependence on other regions for much needed food commodities. ExAFS will also increase sales, lead to better prices, and improve profitability for Africa’s agricultural value chain stakeholders.

It will leverage upon the establishment of agricultural transformation centres (ATCs) – under a public-private partnership model – in agricultural production zones to provide facilities for agricultural produce from farming communities to be collected, sorted, stored, and transported as raw material for processing or distribution. ATCs will also provide additional services to farmers, including micro finance, basic social services, cold storage facilities, extension services and training.

Afreximbank will act as financier, facilitator and advisor and will lead the implementation of partnership activities while governments of pilot origin countries of the agricultural produce (Zimbabwe, Malawi and Chad) will play the role of policy enablers and ensure conducive environments for the ATCs. ATC anchor investors, such as zone developers, large scale commercial farmers, seed companies and development finance institutions, will invest in the ATCs and their necessary infrastructure and will be the primary purchasers and aggregators in origin markets while anchor buyers, such as the Government of Egypt, will be the primary export markets for agricultural produce.

– Ends –

About the Intra-African Trade Fair

Organised by the African Export-Import Bank (Afreximbank), in collaboration with the African Union Commission (AUC) and the African Continental Free Trade Area (AfCFTA) Secretariat, the Intra-African Trade Fair (IATF) is intended to provide a unique platform for facilitating trade and investment information exchange in support of increased intra-African trade and investment, especially in the context of implementing the African Continental Free Trade Agreement (AfCFTA). IATF brings together continental and global players to showcase and exhibit their goods and services and to explore business and investment opportunities in the continent. It also provides a platform to share trade, investment and market information with stakeholders and allows participants to discuss and identify solutions to the challenges confronting intra-African trade and investment. In addition to African participants, the Trade Fair is also open to businesses and investors from non-African countries interested in doing business in Africa and in supporting the continent’s transformation through industrialisation and export development.

For more information, please visit www.intrafricantradefair.com

About Afreximbank

African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of 2022, Afreximbank’s total assets and guarantees stood at over US$31 billion, and its shareholder funds amounted to US$5.2 billion. The Bank disbursed more than US$86 billion between 2016 and 2022. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”).

For more information, please visit: www.afreximbank.com

Mr. Ekra, who was delivering an opening statement, pointed out the unsustainability of African economies relying on natural resources and commodities, saying that this dependence made them vulnerable to adverse trade shocks, liquidity constraints and macroeconomic management challenges.

Arguing that the situation needed to be addressed urgently, especially as it had worsened the effects of the COVID-19 pandemic, geopolitical tensions and climate change, he said that “AfCFTA cannot fail, especially given that intra-African trade is estimated at 16 per cent” which was a level of trade that compared unfavourably with other regions.

Mr. Ekra said that the low level of intra-African trade was explained by constraints such as limited trade and infrastructure including payments and settlement systems, lack of access to relevant market information, limited knowledge about business, sustained investment opportunities and limited platforms to connect buyers and sellers.
He urged African countries to recognise that the AfCFTA was the missing link the continent needed and that it presented many trade and investment opportunities in manufacturing, export development, SME promotion and trade in services.
Also speaking, Ali Basha, Minister Plenipotentiary from Egypt, welcomed guests to the conference and said that the panels hosted as part of the conference should not be missed. He urged all African nations to “work hand-in-hand to address the challenges of trade integration.”
The ceremony showcased a hologram of Kwame Nkrumah, a former President of Ghana and a major advocate for African unity.
In subsequent panels discussions, attendees heard contributions on a wide range of topics, including energy transition and industrialisation in Africa, transforming the manufacturing sector and promoting diversification of African trade.

During a panel on energy transition and industrialisation in Africa, Dr. Ainojie Irune, Chief Operating Officer of Oando Energy Resources, emphasised the need for African leaders to be more impatient about developing the continent, arguing that energy was crucial to Africa’s development and the transition should benefit Africa where 40 per cent of the population live without electricity.
Ms. Helen Brume, Afreximbank’s Director of Projects and Asset Based Finance, said that any discussion about transitioning to cleaner energy sources must consider that 600 million Africans still lacked access to electricity while 900 million do not have access to clean energy sources for cooking.
During a panel on transforming Africa’s manufacturing sector, Olukayode Pitan, former CEO and Managing Director of Bank of Industry, Gagan Gupta, Founder and CEO of ARISE Integrated Industrial Platform, Manuel Mota, Deputy CEO of Mota-Engil, and Brian Deaver, CEO of the African Medical Center of Excellence, deliberated on the importance of establishing connectivity in Africa’s supply chains. They agreed that such a transformation would significantly improve the lives of Africa’s 1.5 billion inhabitants.
According to them, with the key to a thriving manufacturing sector being dependent on African talent, investing in their education and training was crucial.

A highlight of the day was the launch of the impact evaluation report of the US$19-billion Dangote Refinery and Petrochemical Complex in Nigeria by Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank. Emeka Uzoigwe, Acting Director of Strategy and Innovation at Afreximbank, who noted that the complex was launched in 2018, emphasised the importance of the project’s insights for other African businesses as it had the potential to transform not only Nigeria but the entire West Africa.
The Trade and Investment Conference is a component of IATF2023, Africa’s largest trade and investment fair. It aims to optimise access to Africa’s connected markets through the AfCFTA. The trade fair is expected to attract over 1,600 exhibitors and 35,000 visitors, with trade and investment deals worth US$43 billion projected to be concluded during the event.

– Ends –

About the Intra-African Trade Fair
Organised by the African Export-Import Bank (Afreximbank), in collaboration with the African Union Commission (AUC) and the African Continental Free Trade Area (AfCFTA) Secretariat, the Intra-African Trade Fair (IATF) is intended to provide a unique platform for facilitating trade and investment information exchange in support of increased intra-African trade and investment, especially in the context of implementing the African Continental Free Trade Agreement (AfCFTA). IATF brings together continental and global players to showcase and exhibit their goods and services and to explore business and investment opportunities in the continent. It also provides a platform to share trade, investment and market information with stakeholders and allows participants to discuss and identify solutions to the challenges confronting intra-African trade and investment. In addition to African participants, the Trade Fair is also open to businesses and investors from non-African countries interested in doing business in Africa and in supporting the continent’s transformation through industrialisation and export development.
For more information, please visit www.intrafricantradefair.com

About Afreximbank
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of 2022, Afreximbank’s total assets and guarantees stood at over US$31 billion, and its shareholder funds amounted to US$5.2 billion. The Bank disbursed more than US$86 billion between 2016 and 2022. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”).
For more information, please visit: www.afreximbank.com

Over the span of ACTIF23, the dedication to mutual growth was evident. African and Caribbean governments and their business counterparts inked several groundbreaking agreements. These spanned diverse sectors: from energy and tourism to logistics, construction, agriculture, sports and the burgeoning creative industries.
Reflecting on the forum’s culmination, Guyana’s Finance Minister, Dr. Ashni Singh shared, “Hosting ACTIF23 has been monumental for Guyana. This event has been a catalyst in reinforcing the ties between our regions and shedding light on the myriad of challenges we collectively aim to overcome”.
President and Chairman of the Board of Directors of African Export-Import Bank (Afreximbank), Prof. Benedict O. Oramah, added weight to this vision, underlining the pressing need for genuine integration. “Our collaborative endeavors signal a future where we overcome regional challenges through reinforced south-south cooperation. The horizon seems promising, with a unified payment system bridging Africa and the Caribbean becoming an imminent reality,” he noted.

Tracing back to its inception, ACTIF23 follows the foundational forum in Bridgetown, Barbados. That maiden edition witnessed a game-changing partnership between Afreximbank and CARICOM. This alliance was crafted to amplify trade and investment synergies, anchored by mutual support and financial facilitation.
With its rich tapestry of delegates—approximately 1400 from 33 African nations, 13 Caribbean territories, and 18 countries beyond – ACTIF23, co-hosted by the Government of Guyana and Afreximbank, has stamped its significance in the annals of global trade dialogues.
ACTIF23 has sculpted a roadmap for an intertwined and prosperous future for the African and Caribbean diasporas, reinforcing its stature as a cornerstone in global trade forums.

For more information about ACTIF23 please visit: https://actif2023.afreximbankevents.com/

– ENDS

About the AfriCaribbean Trade and Investment Forum
The idea for ACTIF2022 resulted from an official Afreximbank visit to Barbados in September 2021, which followed that month’s inaugural Africa/CARICOM Summit. During the visit, the Government of Barbados and Afreximbank identified the AfriCaribbean Trade and Investment Forum as a key strategic activity towards institutionalising the engagement between both regions’ private sectors to advance trade and investment relations. The inaugural edition of the AfriCaribbean Trade and Investment Forum was held in Bridgetown, Barbados from September 1–3, 2022, and the second edition is being held in Georgetown, Guyana, from 30 – 31 October 2023.

About Afreximbank
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of 2022, Afreximbank’s total assets and guarantees stood at over US$31 billion, and its shareholder funds amounted to US$5.2 billion. The Bank disbursed more than US$86 billion between 2016 and 2022. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”).
For more information, visit: www.afreximbank.com

Media contact:
Deborah Ross
Senior PR Account Director
BrandComms
+44 (0) 759 3602 128
deborah.ross@brandcommsgroup.com

Cabinda Oil Refinery is a 60,000 barrel per day (bpd) high conversion refinery, with a first phase of 30,000 bpd, in the Cabinda Province of Angola, one of Africa’s largest crude oil producers. The Refinery is targeted at processing Angola’s crude oil into a variety of petroleum products including diesel, gasoline, naphtha, and jet fuel for both local and export consumption. Upon completion, Cabinda Oil Refinery will double Angola’s refining capacity, enabling the country and the wider region to gradually reduce their reliance on the importation of refined petroleum products.

With this investment, FEDA confirms its commitment to support Africa’s industrialization and economic development, while ensuring environmental sustainability. The transaction will support Angola’s energy transition by enabling the production of cleaner, high value refined products to cater for up to 20% of the domestic demand, as well reducing emissions by decreasing the need of transportation for both the exportation of locally produced crude oil and the importation of refined products.

FEDA’s investment comes shortly after Gemcorp, Afreximbank and Africa Finance Corporation successfully led the debt raising of a $335 million project financing facility in July 2023. With this additional investment from FEDA, the Afreximbank Group demonstrates its unique ability to invest across the capital structure and therefore provide unparalleled support to the development of critical infrastructure across the continent.

Atanas Bostandjiev, CEO of Gemcorp Holdings commented: “Gemcorp is delighted to be playing a key role in the construction of the Cabinda Oil Refinery in partnership with Sonangol, Afreximbank, Africa Finance Corporation, and FEDA. Angola is an oil rich country on a mission to leverage its resources for the socioeconomic benefit of its people. Once completed, the refinery will go a long way in unlocking the nation’s economic potential as it becomes more self-reliant for its energy needs. Gemcorp’s investment in the project will play a significant part in realising this ambition.”

Marlène Ngoyi, CEO of FEDA, commented: “Our investment in Cabinda Oil Refinery demonstrates FEDA’s commitment to drive industrialization and import substitution on the continent. The Project is central to Angola’s plans to drive further local value addition of its crude resources, allowing the country to meet its refined petroleum needs as well as creating export opportunities.  The Refinery further contributes to a reduction in greenhouse gases by reducing the need to transport crude and refined products to and from Africa. The investment speaks to FEDA’s mandate of providing capital with a focus on delivering development impact in diverse sectors in Africa which are critical to driving industrialization and value-added export development.”

 About Gemcorp Holdings

Gemcorp Holdings Limited (“Gemcorp”) is the developer and majority shareholder of Cabinda Oil Refinery. Gemcorp is an independent investment management firm focused on emerging markets and regulated by the FCA in the U.K. The firm has facilitated over US$7 billion worth of investments in public and private credit and equity transactions since inception. The firm is looking to invest at least $10 billion in Africa over the next decade, mainly in the form of debt transactions in partnership with other institutional investors, alongside private equity investments on a selective basis.

About FEDA

Headquartered in Kigali (Rwanda), the Fund for Export Development in Africa (“FEDA”) is the impact investment subsidiary of the African Export-Import Bank (“Afreximbank” or the “Bank”) set up to provide equity, quasi-equity, and debt capital to finance the multi-billion-dollar funding gap (particularly in equity) needed to transform the Trade sector in Africa. FEDA pursues a multi-sector investment strategy along the intra-African trade, value-added export development, and manufacturing value chain which includes financial services, technology, consumer and retail goods, manufacturing, transport & logistics, agribusiness, as well as ancillary trade enabling infrastructure such as industrial parks. FEDA is a $670 million fund (First Close) with the ambition to raise a total of $1.3 billion over the coming months.

About Afreximbank

Afreximbank is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of 2022, Afreximbank’s total assets and guarantees stood at over US$31 billion, and its shareholder funds amounted to US$5.2 billion. The Bank disbursed more than US$86 billion between 2016 and 2022. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”).

AfriCaribbean Trade and Investment Forum 2023 in Guyana
hears clarion call for south-south cooperation

Georgetown, Guyana – 30 October 2023: The AfriCaribbean Trade and Investment Forum (ACTIF23) opened in Guyana today, with His Excellency, Dr. Mohamed Irfaan Ali, President of the Co-operative Republic of Guyana, challenging the regional private sector to collaborate with their African counterparts to develop a consortium, to solve some of the perennial challenges facing the region, including transportation.

President Ali emphasized to the Heads of Government and delegates in attendance that “Every single state of CARICOM has made it clear that we will give all the incentives necessary to facilitate the building of a regional transport infrastructure system to solve the problem of regional transportation. All the governments in the region, we have made it clear, we will support such a consortium on investment through incentives and promotion. The private sector must get up and put that consortium in place, partner with Afreximbank and end this problem.”

His remarks came as he noted that the south-south trade potential between Africa and the Caribbean is estimated at USD 16 trillion, and there are multiple opportunities on which the countries of the regions can capitalise. The Guyanese President also called on Africa and the Caribbean to build stronger bonds based on friendship, love, and prosperity.

President Ali added that the Caribbean and Africa have an opportunity to expand their partnership in a different way: “The colonisers’ goal was to expand the slave trade; in honour of those men and women who we lost in the most horrendous form, we now have an opportunity to rewrite history, of collaborating and expanding partnerships for the prosperity of the people of our two regions.”

In his welcome remarks to the delegates, the Honourable Hugh Hilton Todd, Minister of Foreign Affairs and International Cooperation of Guyana, further spoke of the potential for expansion of south-south trade, across a wide range of products and services. He said by working together, they can increase exports in innovative and technological areas for comparative and competitive advantage.

Delivering Special Remarks, the Honourable Philip J. Pierre, Prime Minister of St. Lucia, added that the two regions have much to gain from sharing best practices. He said through ACTIF, they were developing a vital link which could help to build resilient economies. He went further, stating that to achieve this, direct transportation between the regions is a tangible goal they must strive to achieve.

Her Excellency Dr. Carla Natalie Barnett, Secretary-General of the CARICOM Secretariat, also addressed delegates at the opening and highlighted the numerous opportunities for collaboration and trade. She stated that trade data shows limited exports and imports between the regions. However, a study by the International Trade Centre (ITC) reveals great potential for trade between Africa and the Caribbean, with the services sector being the greatest opportunity for the Caribbean, while Africa has 2.2 times more potential to export goods to the Caribbean.
Meanwhile, in a video message, Dr Pamala Coke-Hamilton, Director of the ITC, pledged the organization’s assistance with advancing the work of the African Caribbean Business Council launched at the last ACTIF 2022. She insisted that more can be achieved through interregional cooperation.
Following the official opening, delegates at ACTIF23 were treated to four insightful sessions on ‘One Year of AfriCaribbean Trade and Investment Revival: Lessons from Experience’, ‘Options for overcoming financing constraints to AfriCaribbean trade and investment cooperation,’ ‘Connecting Africa and the Caribbean: logistics, transport links, payment systems, standards, and more,’ and ‘Opportunities in the Oil and Gas sector.’
ACTIF23 is being hosted under the theme ‘Creating a Shared Prosperous Future’ in Georgetown, Guyana, by African Export-Import Bank (Afreximbank) and the Government of Guyana. The Forum is focused on accelerating commercial collaboration between the Caribbean region and Africa, increasing inter-regional trade and investment, and promoting airlinks, tourism, technology transfer, financial stability, food security, industrialisation and cultural ties.

Afreximbank opened a Caribbean office in Barbados in August 2023 and has provided a USD 1.5 billion line of credit to the region.

For more information about ACTIF23 please visit: https://actif2023.afreximbankevents.com/

– ENDS –

About the AfriCaribbean Trade and Investment Forum
The idea for ACTIF2022 resulted from an official Afreximbank visit to Barbados in September 2021, which followed that month’s inaugural Africa/CARICOM Summit. During the visit, the Government of Barbados and Afreximbank identified the AfriCaribbean Trade and Investment Forum as a key strategic activity towards institutionalising the engagement between both regions’ private sectors to advance trade and investment relations. The inaugural edition of the AfriCaribbean Trade and Investment Forum was held in Bridgetown, Barbados from 1 to 3 September 2022, and the second edition is being held in Georgetown, Guyana, from 30 – 31 October 2023.

About Afreximbank
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of 2022, Afreximbank’s total assets and guarantees stood at over US$31 billion, and its shareholder funds amounted to US$5.2 billion. The Bank disbursed more than US$86 billion between 2016 and 2022. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”).
For more information, visit: www.afreximbank.com

Media contact:
Deborah Ross
Senior PR Account Director
BrandComms
+44 (0) 759 3602 128
deborah.ross@brandcommsgroup.com

The event is scheduled to take place from the 5^th to 7^th July 2023 and is expected to comprise the 23^rd Ordinary Annual General Meeting of Shareholders (AGM) and an Investor Roundtable.

The Roundtable will discuss Africa’s trade and investment risks under the theme: Re-thinking Risk. Enabling Finance, against the backdrop of the continent’s economic fallout stemming from the Covid-19 scourge, the negative consequences of Russia – Ukraine war, and climate change.

 “Several countries have emerged from these headwinds with a huge debt load, putting them at a risk of debt distress. Consequently, some sovereigns have defaulted while others are struggling to service their debt and moving closer to default. Clearly, there is need for faster and innovative solutions to sustainably manage Africa’s debt problem. There is also the issue of climate change which continues to impact negatively on many African economies. Africa needs to find a right balance between its immediate development needs and mitigating climate change,” ATI Chief Executive Officer, Manuel Moses, said.

 “It’s therefore our hope that the roundtable discussions will come up with tangible solutions to these challenges and a way forward,” he added.

 Rebranding

During the event, ATI is also expected to unveil its new brand identity as the organization positions itself to play a major role in the continent’s development.

 “We believe that the new brand will provide a better fit to ATI’s growing stature as the largest provider of investment and trade credit insurance on the continent with the ultimate goal of accelerating its impact on Africa’s development,” Mr. Moses said.

 Finance Ministers from at least 21-member countries, institutional shareholders, Regional and International Investors, Insurers, Financiers, and other governmental and non-governmental entities are expected to attend. 

 The Chairman of ATI’s AGM and Rwanda’s Minister of Finance and Economic Planning, Dr. Uzziel Ndagijimana, commended ATI for choosing the country to host its 23^rd AGM, and noted that the Rwandan Government was pleased with ATI’s support to member countries.

 “Rwanda is happy to be the host of ATI’s Annual General Meeting and I would like to extend a warm welcome to our visiting guests” Dr. Ndagijimana said.

 Rwanda is one of the seven countries that established ATI in 2001, alongside Kenya, Burundi, Malawi, Tanzania, Uganda, and Zambia; and has been an active member over the years.

Signing Ceremony of Memorandum of Understandings between PAPSS and 5 African Group Banks

June 19, 2023, in Accra, Ghana.

Accra, Wednesday 28 June 2023 – PAPSS, the Pan-African Payment and Settlement System, is delighted to announce the signing of Memorandums of Understanding (MOUs) with five African multinational commercial banking groups: Access Bank Group, Ecobank Group, KCB Group, Standard Bank Group, and UBA Group. These significant partnerships aim to revolutionise the settlement of cross-border transactions across Africa, leveraging on the vast network of subsidiaries and representative offices across major economic centres across Africa.

These MOUs were signed on Monday, 19 June 2023, at the opening ceremony of Afreximbank’s 30^th Anniversary Celebrations and 30^th Annual Meetings held in Accra, Ghana, in the presence of Heads of State and Prime Ministers from Africa and the Caribbean, Heads of continental policy and governance institutions as well as international institutions.

The signature of these Memorandums signifies a monumental step forward in the pursuit of seamless cross-border trade payments throughout the almost 40 countries covered by these Banks. The broad collaboration between PAPSS and African commercial banks will pave the way for enhanced efficiency, transparency, and reliability in intra-African settlement. The adoption of PAPSS’s cutting-edge settlement model will streamline operations and empower businesses by providing a secure and technologically advanced platform for cross-border transactions.

As part of this partnership, Access Bank Group, Ecobank Group, KCB Group, Standard Bank Group, and UBA Group will collaborate closely with PAPSS to ensure seamless integration of PAPSS into their existing systems. This collaborative effort will include opening up all their African footprints for PAPSS, facilitating settlement of transactions, encouraging the participation of Fintech in PAPSS via the banks and expanding PAPSS to all the banks’ current digital channels such as mobile app banking and e-banking.

Commenting on the signing, Professor Benedict Oramah, President of Afreximbank, said: “the signature of these MoUs marks a remarkable step towards the realisation of the aspirations of Africa’s foreleaders, who envisioned the creation of a payment and clearing union about six decades ago. It also draws us closer to domesticating cross-border payments by enabling payments for cross-border trade in African currencies while strengthening African currencies. By leveraging on the vast continental coverage of these African commercial banks, PAPSS will seamlessly facilitate cross-border trade and payments and boost intra-African trade and investments”.

Also commenting on the signing, H.E. Wamkele Mene, Secretary General of the AfCFTA, said: “the introduction of the new PAPSS Model for onboarding African Commercial Banks and the signing of the MoUs with the five African Commercial Bank Groups signifies a bold step towards the full operationalisation of PAPSS for the benefit of African traders and SMEs in the implementation of the AfCFTA Agreement.”

The Chief Executive Officer of PAPSS, Mr Mike Ogbalu III, expressed enthusiasm about these collaborations, stating that “these partnerships with Access Bank Group, Ecobank Group, KCB Group, Standard Bank Group, and UBA Group mark a significant milestone in the journey toward a more integrated and efficient African banking landscape. By embracing PAPSS’ Commercial Bank Settlement Model, these banks are helping build a robust continental platform for fostering cross-border payments, thereby paving the way for financial inclusion and substantial continental economic development.”

These MOUs will be put into effect gradually in partnership with central banks in the countries where the 5 Group Banks operate. Customers of the banks in Africa will be informed through the usual channels of communication as soon as the service becomes available in their countries. PAPSS and the banks will be working towards making this service available towards year-end.

About PAPSS

The Pan-African Payment and Settlement System – PAPSS is a centralised Financial Market Infrastructure that enables the efficient flow of money securely across African borders, minimising risk and contributing to financial integration across the regions. PAPSS works in collaboration with Africa’s central banks to provide a payment and settlement service to which commercial banks and licensed payment service providers across the region can connect as ‘Participants’. Afreximbank and the African Union (“AU”) first announced PAPSS at the Twelfth Extraordinary Summit of the African Union held on July 7, 2019, in Niamey, Niger Republic, therefore adopting PAPSS as a key instrument for the implementation of the African Continental Free Trade Agreement (AfCFTA). Further, in its thirteenth (13th) extraordinary session, held on December 5, 2020, the assembly of the African Union recommitted and instructed the Afreximbank and the AfCFTA secretariat to finalise, among others, work on the Pan-African Payments and Settlements System (PAPSS). The 35th Ordinary Session of the Assembly of the AU further directed the AfCFTA and Afreximbank to deploy the system to cover the entire continent. PAPSS was officially launched in Accra, Ghana, on January 13, 2022, thus making it available for use by the public.

For more information, visit: www.papss.com.
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