Dr. Yousrey Elsharkawi, chairman of the Egyptian-African Businessmen Association, Follow The signing ceremony of the financing management agreement between Afrixim Bank and the Intra-African Free Trade Agreement, which was hosted by Kempinski Hotel Cairo.
The African Export-Import Bank “Afrixim Bank” signed today, Partnership Agreement for the management of the AfCFTA Settlement Fund in cooperation with the AfCFTA Secretariat; To provide the necessary funds and develop intra-African trade.
The partnership agreement was signed by Benedict Orama, President of Afrixim Bank, Wamkele Mene, Secretary General of the African Continental Free Trade Area Secretariat.
Elsharkawi stressed that the fund will support African countries and the private sector; To actively participate in the new trading environment established under the African Continental Free Trade Area.
He added that the bank agreed to participate with one billion dollars in the capital of the fund. Where this signature reflects the extent of progress that occurs after the establishment of the structure of the free trade area to be ready for implementation, He stressed that this fund contributes to providing the necessary funds to develop intra-African trade in cooperation with investors and private sector companies.
Elsharkawi stressed that this fund helps finance value chains and supports continental free trade. Overcoming the crisis of managing foreign exchange and trade exchange in the currency of each country.
He said that Afrixim Bank and the Secretariat of the African Continental Free Trade Area had been mandated by the Summit of Heads of State and Government of the African Union, and the AfCFTA Council of Ministers Responsible for Trade to establish the AfCFTA Adaptation Fund.
It is worth noting that the Fund supports countries in the African Continental Free Trade Area to adapt to the new liberalized and integrated trade environment that has been established under the AfCFTA Agreement.
The basic fund will consist of the contributions of the states parties, grants and technical assistance to deal with the losses of customs duties revenues. Where tariffs are phased out and countries supported; To implement the various provisions of the African Continental Free Trade Area Agreement, its protocols and annexes.
The General Fund will mobilize the financing on concessional terms. While the Trust Fund will mobilize trade finance to support both the public and private sectors, enabling them to adapt and take advantage of the opportunities created by the African Continental Free Trade Area.
