The Intra-African Trade Fair (IATF), organized by the African Export-Import Bank (Afreximbank) in collaboration with the African Union (AU) and the AfCFTA Secretariat, recently took place in Cairo, Egypt. In an interview with Kanayo Awani, the Executive Vice-President of Intra-African Trade Bank at Afreximbank, key highlights from IATF2023 were discussed.
This year’s fair attracted a significant turnout, with 28,282 attendees, surpassing the target. The event featured 1,939 exhibitors from 45 African countries and 16 non-African countries, totaling 61 participating nations. The trade and investment deals reached an impressive $43.7 billion, exceeding initial estimates.
Notable deals include a $2 billion agreement addressing food security challenges in Zimbabwe, Malawi, Chad, Egypt, and Afreximbank. Another initiative focuses on supporting sub-national governments in Africa, with a framework agreement signed for $500 million for Nigerian sub-sovereigns. Additionally, a $1 billion facility with Arise Integrated Platform aims to develop industrial parks across the continent.
The progress of these projects is closely monitored, with approximately 426 deals announced, and the goal is to close at least 70% of them. The IATF plays a vital role in increasing access to financing in sub-Saharan Africa by bringing together financial institutions, commercial banks, and other stakeholders. Over 500 such institutions were invited in 2023, contributing to the success of the Buyer Program, which generated around $2 billion in deals.
Afreximbank
IATF2023 distinguishes itself by building on past successes, incorporating new elements like a gastronomy showcase and freestyle hand football. The event actively promotes Africa’s cultural richness and economic potential. The interview concludes with reflections on Afreximbank’s support, visionary leadership, and the collaborative efforts of a dedicated team working towards the economic future of the continent.
Source: gaurdian.ng
