Afreximbank focus on increasing intra-African trade

Afreximbank, Africa's biggest trade finance facilitator, is set to launch a groundbreaking initiative to enhance investment in Africa at its upcoming Intra African Trade Fair in Algeria. Gainmore Zanamwe, the bank's Trade Facilitation and Investment Promotion Director, recently shared insights on their efforts to drive intra-African trade during a CNBC Africa interview. The initiative, known as the Africa Direct Investment (ADI) Initiative, aims to provide support to African companies seeking to invest in other African nations. By offering tools such as investment guarantees and project finance, Afreximbank aims to enable African investors to undertake ventures in different regions of Africa, fostering sustainable economic growth. Zanamwe highlighted the significance of African companies investing within the continent, emphasizing the potential for greater sustainability and local understanding in such ventures. Moreover, the ADI Initiative seeks to address the challenges faced by African investors and promote investment in key sectors like agriculture, agro-processing, and manufacturing to drive industrialization and intra-African trade. The initiative has garnered positive reception from various stakeholders, including investment promotion agencies and the business community. Afreximbank plans to showcase potential projects at the Intra African Trade Fair in Algeria, facilitating connections between African investors and project opportunities. The bank's Central Bank Deposit Program, which raised $34 billion in 2024, has successfully reduced funding costs and is now extended to corporates and financial institutions. Looking ahead to the Intra African Trade Fair in Algeria, Afreximbank targets 2,000 exhibitors and aims for $44 billion in business deals, building on the success of previous events. With a focus on catalyzing economic transformation and job creation, the bank invites stakeholders to participate in this transformative initiative in September, underscoring the importance of collaborative efforts to advance intra-African trade.