Afreximbank launches African trade facilitation programme to boost access to trade finance across Africa

The African Export–Import Bank (Afreximbank) says it is addressing Africa’s struggle to access international trade finance with its African Trade Facilitation (Aftra) programme.

Afreximbank vice president Haytham El Maayergi, speaking during the bank’s trade finance seminar in Windhoek on Tuesday, said Africa faces a challenge in accessing finance, because of the misconception that the continent a risky investment destination.

“This perception, coupled with limited access to international financial markets, negative country-commercial balances, and a shortage of local currency liquidity, has hindered the continent’s economic growth,” he said.

The programme offers guarantees and risk-sharing mechanisms to support African banks in securing the necessary financing for critical imports.

“Aftra provides information and guarantees solutions, enabling African banks to facilitate the critical inputs from machinery, critical raw material essentials for development, whatever they need for local industries,” El Maayergi said.

Since its launch, Aftra has enabled African banks to facilitate billions of dollars in trade finance, he said.

“Since the launch of Aftra, Afreximbank has assumed a total of US$9 billion in African risk to facilitate wider input and active development of the country, with systematic refinancing to alleviate working capital stress for African banks,” he said.

Over 150 banks across the continent are currently benefiting from the programme, and Afreximbank aims to expand its reach to 500 banks by 2026.