The partnership allows them to fulfill their respective mandates and achieve their development objectives, in particular job creation, increased economic activity and the intensification of extra-African trade with China.
According to the lenders,the facility, which has a duration of seven years will be allocated either directly to eligible African SMEs that meet Afreximbank’s requirements, or indirectly through local financial intermediaries. At the end of the signing, Professor Oramah did not fail to emphasize that these small African industries express a real need for financing their projects because commercial banks balk at their request, because of the “unreliable” guarantees that SMEs present.
As part of the implementation of the continental free trade area agreement (Afcfta), this partnership constitutes an important step towards the complete operationalization of this common market policy.
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In 2022, the continent’s exports totaled 724.1 billion dollars or 440,252.8 billion FCFA over the past year, an increase of + 26.8 % compared to 2021, while its imports amounted to 706 billion dollars or 429,248 billion FCFA, a growth of + 15.5% year-on-year. On the other hand, intra-African trade recorded a growth of 18.6 % to stand at 117,474.5 billion CFA francs, according to a report published on June 14, 2023 by the Afreximbank.
In Cameroon, Afreximbank is involved in the rural electrification project by solar photovoltaic system of 200 localities across the country. This first loan operation of the financial institution initiated on March 07, 2023 is wort an envelope of 35 billion FCFA. The overall cost of the said project, estimated at about 96 billion FCFA, is intended for the construction of about 87 power plants, for a connection of over 13,000 households.