Afreximbank Announces Creation of Independent Entity to Support African Economic Integration
Benedict Oramah, President of the Board of Directors of the African Export-Import Bank (Afreximbank), announced at the 4th Intra-African Trade Fair (IATF) in Algiers that the Fair's advisory council has approved the creation of an independent entity. This entity will be based in Harare, Zimbabwe, with an initial capital of $28 million, and will become a permanent, autonomous institution responsible for supporting the economic integration of the African continent. The founders are satisfied with the built platform, which they believe can last for decades.
Strategic Significance of the Announcement
This announcement has major strategic implications, as the fair has become a true platform for Africa's economic emancipation since 2018. It embodies the continent's transition from a logic of dependence to partnerships based on trust, balance, and mutual respect.
The Challenge Ahead
The challenge is significant, as the continent is currently fighting for its economic sovereignty, comparable to the struggle for political independence in the 1960s, according to the leaders who participated in the event. Recent economic results confirm this dynamic. Intra-African trade experienced a significant rebound in 2024, reaching over $220 billion, a 12.5% increase compared to 2023. This rebound was also accompanied by a gradual change in the composition of African trade, with a notable increase in exports of manufactured products such as cars, processed food, chemicals, and electronic equipment. This transformation reflects the African continent's transition from an economy based on the export of raw materials to a more industrialized economy.
Key Highlights
- Creation of an independent entity to support African economic integration
- Initial capital of $28 million
- Based in Harare, Zimbabwe
- Permanent, autonomous institution
- Intra-African trade reached $220 billion in 2024, a 12.5% increase compared to 2023
- Gradual change in the composition of African trade, with an increase in exports of manufactured products.
