Afreximbank task banks on trade facilitation programme
Commercial banks operating on the continent have been urged to key into the Trade Facilitation Programme of the African Export-Import Bank, Afreximbank, in order to improve their business performances.
The Manager, Guarantees and Specialised Finance Unit of the bank, Ms Fatma Bao, said Afreximbank’s Trade Facilitation Programme, AFTRAF, is structured to enhance confidence of counterparties in the settlement of international trade transactions for critical imports into Africa.
A statement signed by Mr Obi Emekekwue, the Head of Media, Afreximbabk in Abuja, quoted Ms. Bao as saying that the AFTRAF would support intra-African trade and facilitate the purchase of equipment for production of export goods.
Bao who spoke at a recent road show to herald the AFTRAF in Dakar, Senegal, said the programme would also resolve the increasing de-risking of African banks due to stringent compliance and regulatory requirements imposed by international banks.
She described AFTRAF as the Bank’s response to the recurring trend of reduction or withdrawal of trade lines to African banks by the international banks following the de-risking process.
She said, “Afreximbank wants to understand the needs of the Senegalese market and the current obstacles facing you. We want to satisfy these needs so that we can cooperate with you to improve the country’s trade.
“The roadshow was held as part of a strategy to allow Afreximbank expand its coverage of Africa and to onboard Senegalese banks to the AFTRAF programme. It also aims to enhance cooperation between Afreximbank and the local banks in order to grow the nation’s economy.”
According to her, similar road shows will subsequently be held for several other African countries.
Participating in the road show were Coris Bank, Ecobank, Banque Régionale et de Marché Banque EL Amana-Mauritania, Banque Nationale pour le Développement économique, BGFI Sénégal, NSIA Bank, and Banque Islamique du Sénégal.