Afreximbank commits $40bn trade investment in Africa

African Export-Import Bank (Afreximbank) will double its intra-African trade financing to $40 billion by 2026.

According to Newsmen, Mrs Kanayo Awani, Afreximbank’s Executive Vice President, disclosed this at the Intra-African Trade Fair 2023 (IATF) Nigeria High-Level Business Roadshow on Monday in Lagos.

The bank’s intra-African trade financing stood at $20 billion in 2021.

She added that Afreximbank had invested over $36 billion in the Nigerian economy since its creation in 1993 through trade and project financing.

The bank’s intra-African trade financing stood at $20 billion in 2021.

“The Board of Afreximbank has approved and committed $1 billion to support the funding of the initiative and a $10 million grant that will facilitate the establishment and operationalisation of the adjustment fund”, she stated.