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Oramah: Afreximbank a Vital Instrument for Crisis Intervention in Africa

Oramah: Afreximbank a Vital Instrument for Crisis Intervention in Africa
Benedict Oramah

Kayode Tokede

President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah has stated that the bank has become a vital instrument for crisis intervention in Africa.

He stated this while speaking at the opening 29th Afreximbank Annual Meetings 2022 (AAM2022) in Egypt, Co-hosted by African Export-Import Bank (Afreximbank) and the Central Bank of Egypt (CBE),

Oramah also stressed the need for African institutions to do more to strengthen and unify economic development on the continent.

He said, “Afreximbank has become a vital instrument for crisis intervention in Africa. The success of the Bank’s interventions reminds us of the urgency not only to support our own institutions but to make them stronger and more effective. Despite limited resources, Afreximbank has made a significant impact in helping Africa to contain the pandemic. A stronger Afreximbank and, indeed a stronger group of African Development Finance Institutions, can be one of the solid pillars on which Africa’s development can be built.”

He acknowledged the Egyptian President’s outstanding achievements and commitment to Africa’s progress

According to him, “We thank His Excellency, President Abdel Fattah El-Sisi and his able Government, for hoisting the African flag high. Your Excellency, the successes you have achieved in Egypt as well as during your tenure as the Chairperson of the Africa Union in 2019, prove to us that with focus, determination, and unity, we can turn the enormous potential that abounds in Africa into a powerful force for change. At Afreximbank, we share your “Commitment to Africa”. We put Africa first in everything we do.”

He concluded that, “Afreximbank is a firm believer that Africa can only begin to resolve issues affecting Africa’s trade through aggressive pursuit of intra-African trade promotion and implementation of the AfCFTA.”

The President of Egypt, Abdel Fattah El-Sisi, hinted that for Africa to achieve the hopes of its people and youth, there is need to achieve continental infrastructure initiatives.

El-Sisi emphasized on the extensive work required to realise the goals of the Africa Continental Free Trade Agreement  (AfCFTA) and called on African governments to pursue greater integration with their fellow African countries.

Convened to discuss the theme, “Realising the AfCFTA Potential in the Post Covid-19 Era – Leveraging the Power of the Youth,” the meetings focus on key trends affecting the African continent as it forges ahead with implementing the AfCFTA in a changing demographic that is grappling with post pandemic stagflation.

The Secretary-General, AfCFTA secretariat, Wamkele Mene during a plenary session: titled, “Making the AfCFTA Work for the Africa We Want,” noted that the continent with the AfCFTA has opportunity to change the narrative and harness the potential of the youthful population to achieve Africa’s sustainable development.

According to him, “It is time to implement policy and institutional actions that will remove the encumbrances and unlock opportunities for Africa’s youth. It is in this context that the broad theme for this session is pertinent.”

He noted further that, “We intend to foster a favourable environment for young Africans to competitively engage in cross-border trade in goods and services, in the context of the AfCFTA.

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