Afreximbank boosts intra-trade linkages

Multilateral financial institution, the African Export-Import Bank (Afreximbank) will work to expand the involvement of local entrepreneurs in key sectors of the Namibian economy, to increase the country’s intra-African trade linkages.
Afreximbank which is headquartered in Cairo said, since 1994 they have approved almost US$35 billion in credit facilities for African businesses. In 2014 alone, some US$ 4.5 billion were extended to African businesses specialising in regional and international trade.
Speaking during the opening session of a business forum on Wednesday in Windhoek, Gift Simwaka, Afreximbank’s Regional Manager for Southern Africa, said that this week’s meeting focused on such sectors as agriculture, agro-processing, mining and fishing.
“The Bank is committed to deepening its activities in Namibia to support the country’s Vision 2030 strategy, which underlines its economic development agenda,” he said.
Simwaka added that Afreximbank would give lines of credit, loans and guarantees to qualifying entities engaged in export manufacturing activities.
Ebson Uanguta, Deputy Governor of the Bank of Namibia, said that trade was at the heart of Namibia’s economic agenda and, as such, the country welcomed the opportunity to benefit from the facilities offered by Afreximbank.
The collaboration between the Bank of Namibia and Afreximbank in the marketing of Afreximbank products in Namibia represents an important step to promote regional cooperation and economic integration, stressed Uanguta.
The one-day forum brought together institutions and corporate entities engaged in trade finance and trade-related activities from different sectors of the economy along with members of the financial sector, business associations, chambers of commerce and government agencies in Namibia.
Furthermore, the event was part of an awareness campaign being organized by Afreximbank in its many member countries to enhance knowledge about its products and programmes and to strengthen collaborative networks, gather insights about the needs of the business community and expand trade finance activities.