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Republic of Congo commits to boosting intra-African trade

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Thursday, 31 March 2016

Republic of Congo commits to boosting intra-African trade

President Denis Sassou Nguesso of the Republic of Congo in Brazzaville announced his country’s commitment to supporting the development of intra-African trade and industrialisation of the continent. President Nguesso, who was speaking in his office on 29 March 2016, when he presented the instrument of ratification of Congo’s accession to the Establishment Agreement of the African Export-Import Bank (Afreximbank) to Dr Benedict Oramah, President of the Bank, says that Congo would support Afreximbank’s strategy to increase trade among African countries and industrialise Africa. The presentation of the instrument of ratification marked the full formalisation of Republic of Congo’s membership of Afreximbank. Dr Oramah says that with the ratification, Afreximbank would now be able to fully deploy its programmes and facilities in order to stimulate trade activities and develop value-added exports across Congo’s economic sectors while also providing much-needed finance for the construction of trade-enabling infrastructure. He says that since August 2013 when the Republic of Congo became a member state, Afreximbank had disbursed over $220 million to Congolese entities, predominantly in the oil sector, and that the Bank planned to expand its trade development activities so as to contribute more meaningfully to the country’s economic transformation.

Source: biznisafrica.co.za