Afreximbank Senior EVP gives timeline for launch of trade centres

Afreximbank, the African Export-Import Bank, is gearing up to revolutionize the trading landscape in Africa with the launch of several trade centers across the continent and the Caribbean. In a recent interview with CNBC Africa, Denys Denya, the Senior Executive Vice President at Afreximbank, highlighted the challenges impeding Intra African Trade, including the lack of information, infrastructure, and trade financing facilities. Denya emphasized the need to bridge these gaps to enhance trade opportunities within Africa, especially in light of the current global trade dynamics. Denys Denya shared insights on the recently inaugurated Afreximbank African Trade Centre in Abuja, stating that the facility is expected to be fully operational before the end of the year. The center aims to provide a comprehensive platform for African entrepreneurs to showcase their products, attract investments, and expand their trading activities across the continent. Denya also discussed the partnerships that Afreximbank is exploring to make the trade centers a one-stop shop for trade and investment activities. The facility in Abuja, which includes a hotel, office block, exhibition center, and conference center, is on track to reach full operational capacity by year-end. Looking ahead, Denya revealed the timelines for other trade hubs, with Harare expected to be commissioned in August 2025, followed by Kampala in 2026. Additionally, plans are in place for trade centers in Cairo, Egypt, and Barbados in 2029, further expanding Afreximbank's footprint across regions. Despite global trade realignments and tariff wars posing challenges, Denya expressed confidence in Afreximbank's ability to weather the storm. He highlighted initiatives like the Pan-African Payment and Settlement System (PAPS) that help hedge against currency volatility and the integration of artificial intelligence in digital solutions as part of the bank's strategy to navigate shifting dynamics in the global trade landscape. In conclusion, Denys Denya underscored the importance of fully implementing the Africa Continental Free Trade Agreement as a long-term solution to counter external trade disruptions. The Afreximbank trade centers stand as a testament to the bank's commitment to promoting intra-African trade and economic integration, offering a platform for regional entities and sub-nationals to adapt and thrive in the evolving global trade environment.