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Tuesday, 17 October 2017

The Secretary General designate of the ACP Group, H.E Dr Patrick Gomes met with the President of the International Fund for Agricultural Development (IFAD), Mr. Kanayo F. Nwanze last week in Rome, where they discussed strengthening of ACP-IFAD relations in the area of South-South & Triangular Cooperation. One of the key areas to be examined will be a collaborative effort of ACP and IFAD in assessing the socio-economic and cultural impact of the Ebola epidemic on the rural livelihoods of communities in the affected countries - Guinea, Liberia and Sierra Leone - and designing a strategy to rehabilitate key aspects of small and medium rural enterprises.

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Following the sixthannual summit in Fortaleza last year (July 2014), it was decided that the BRICS Bank will start lending in 2016. The bank make an initial US$50bn fund as well as funds from the Contingency ReserveArrangement (CRA) ofUS$100bn. These latter funds shall target alleviating members’ financial difficulties (US$41bnfrom China, US$5bn from South Africa and US$18bn from each of the others).

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Bilateral tradebetween China and Kenya rose 53 % the equivalent of 5.009 billion US dollar in2014. China is now Kenya's largest trading partner and source of directinvestment. The two countries signed a co- financing deal to build a majorrailway linking the Kenyan capital Nairobi with the port city of Mombasa, thebiggest infrastructure project since Kenya's independence. The high speed lineis expected to boost regional trade, create employment opportunities and deepenintegration in East Africa when it is put into service.

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The AfricanExport-Import Bank (Afreximbank) plans to hold a one-day business forum inCairo on 24 February, 2015. It aims to promote trade relations between Egyptand the rest of Africa. The forum will be organised with the Ministry ofIndustry, Trade and Small and Medium-sized Enterprises of Egypt around thetheme “Unlocking Africa for Egyptian Businesses”. Afreximbank shall present a$500-million special trade finance to support Egyptian businesses trying to dobusiness with other African countries.

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