Afreximbank's strategy to boost trade finance in Africa

Benedict Orama, the President of the Africa Export-Import Bank, has outlined the institution's strategy to enhance trade finance in Africa through fostering large bilateral strategic relationships. In a recent interview, Orama highlighted the importance of structured trade finance in driving economic development across the continent. As the economic landscape in Africa continues to evolve, Orama emphasized the role of trade as a catalyst for innovation and competitiveness, citing successful trade-driven economies such as South Korea, Taiwan, and China. Moreover, he underscored the significance of trade finance in enabling businesses, especially in the commodities sector, to thrive by providing the necessary capital to sustain operations and achieve viable volumes. Addressing the challenges of intra-Africa trade, Orama discussed the three key pillars of the bank's strategy: create, connect, and deliver. These pillars focus on enhancing production efficiency, facilitating access to markets through export trading companies, and improving infrastructure and logistics to support the flow of goods. Orama also highlighted specific initiatives, such as supporting intra-regional shipping lines and the development of industrial parks, aimed at boosting intra-African trade and driving economic growth on the continent. Through collaborations with key stakeholders and initiatives like the Intra-African Trade Champions program, the Africa Export-Import Bank is working towards enabling small businesses and farmers to connect with these opportunities and participate in the regional trade ecosystem. Looking ahead, Orama expressed optimism about the potential impact of these initiatives on intra-African trade, projecting a significant increase in trade share within the next decade.