The African Export-Import Bank (Afreximbank) has said that it plans to double its financing of intra-African trade from $20 billion in 2021 to $40 billion by 2026.

The announcement was made by Haytham ElMaayergi, Afreximbank’s Executive Vice President for Global Trade Bank, while addressing participants and guests in Abuja, Nigeria at the African Caucus Meeting of the World Bank Group, and the International Monetary Fund (IMF).

ElMaayergi said that Afreximbank had been a champion in facilitating intra-African trade since its founding and that it had committed $1 billion to support the funding of the AfCFTA Adjustment Fund and a $10-million grant to facilitate the establishment and operationalisation of that fund.

"The Bank is also partnering with the AfCFTA Secretariat and the African Union Commission (AUC) to ensure a successful implementation of the Pan-African Payments and Settlements System, the African Trade Gateway and the Afreximbank African Collaborative Transit Guarantee Scheme,” he said.

ElMaayergi highlighted that there have been several attempts to help address the critical financings gaps in Africa and facilitate trade such as the Alliance of African Multilateral Financial Institutions (AAMFI) which was launched in collaboration with the AUC on the margins of the 37th Ordinary Session of the Assembly of the Heads of State and Government of the AU in Addis Ababa in February.

He noted that the AU had recognised African multilateral financial institutions as crucial for strengthening the continental financial framework and advancing the AU’s Agenda 2063 and called on the meeting participants to reaffirm their commitment to those institutions. He urged the World Bank and the IMF to work with AAMFI in addressing the continent’s challenges.

"Most especially, we call on you to reaffirm that the special privileges and immunities that you have given these institutions, including the preferred creditor status, are essential for addressing the continent’s development needs, and to call upon all stakeholders to respect the treaty obligations you have made to these institutions,” ElMaayergi added.

The membership of AAMFI currently includes Africa Finance Corporation, Afreximbank, Trade and Development Bank Group, African Reinsurance Corporation, African Trade and Investment Development Insurance, Shelter Afrique Development Bank, PTA Reinsurance Company, East African Development Bank, and African Solidarity Fund.