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Monday, 11 April 2016

Afreximbank to launch initiative to boost intra-Africa trade

The African Export-Import Bank (Afreximbank) intends to implement a new strategy aimed at driving Africa's industrialization and increasing intra-Africa trade by at least 50 percent in the next five years, the bank said on Wednesday. The Afreximbank Intra-African Trade Strategy will see the bank work with partners to ramp up trade among African countries to 250 billion U.S. dollars by 2021 from its current level of 170 billion dollars. "Intra-regional trade will drive value addition in Africa and help reduce the continent's dependence on commodities. It would also allow for the expansion of domestic trade value chains, thereby strengthening the capacity of African economies to resist economic shocks," Benedict Oramah, the bank's president said in a statement following the approval of the strategy.

Source: shanghaidaily.com