Afreximbank offers US$10 billion fund for AfCFTA countries

Afreximbank offers US10 billion fund for AfCFTA countries

The African Export-Import Bank (Afreximbank) has announced that it will provide US$10 billion in funding to support African countries that are part of the African Continental Free Trade Area (AfCFTA).

The funding will be used as an adjustment fund to help African countries and their private sector actors to participate effectively in trade under the AfCFTA.

The AfCFTA Adjustment Fund was established by the AfCFTA Secretariat with the support of Afreximbank, following a directive from the African Union (AU) Summit of Heads of State and Government and the AfCFTA Council of Ministers responsible for trade.

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The fund will help African countries to adjust to the tariff removals under the AfCFTA and prepare them for the new trading regime, according to Dr Ernest Addison, Governor of the Bank of Ghana.

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