African Export-Import Bank (Afreximbank) (www.Afreximbank.com) and Câmara de Comércio de Sotavento have announced a strategic partnership to host the 2024 Trade and Business Roadshow in Praia, Cape Verde. This landmark event, scheduled for July 29 - 30, 2024, is aimed at diversifying, fostering and supporting the economic growth in Cape Verde.
The Roadshow, themed "Catalysing Local Manufacturing and Export Growth under the Implementation of the African Continental Free Trade Area Agreement (AfCFTA)," aims to identify and promote bankable transactions across various sectors beyond tourism. This initiative seeks to diversify the economy, boost intra-African trade, attract foreign direct investments, and foster effective partnerships for sustainable growth under the AfCFTA.
As the continent’s leading multilateral financial institution devoted to financing and promoting intra- and extra-African trade, Afreximbank’s involvement is set to drive crucial conversations in the business and trade sectors of Cape Verde’s economy.
Mr. Eric Monchu Intong, Regional Chief Operating Officer, Anglophone West Africa at Afreximbank noted: “Afreximbank’s partnership with Câmara de Comércio de Sotavento in hosting this Roadshow in Praia is a testament of the long-standing and strategic relationship between the Bank and the Government of Cabo Verde. It presents an opportunity to support diverse sectors of the economy through knowledge sharing on our mandate, programmes, and facilities, which provide innovative financing solutions to drive up Africa’s share of global trade.”
“We are excited about this opportunity to strengthen alliances for our shared destiny, prosperity and the economic emancipation of our continent. We are particularly pleased with its multisectoral approach as we understand that one organisation or one sector alone cannot drive the level of sustainable growth the continent requires,” Mr. Intong added.
“We are eager to enhance partnerships that will drive our collective future towards growth and advancement in Cabo Verde. Our collaboration with Afreximbank underscores the commitment to promoting sustainable development across our continent. Together, we are forging new pathways that will contribute to the economic empowerment of Cabo Verde and beyond,” noted Mr. Marcos Rodrigues, President, Câmara de Comércio de Sotavento.
Afreximbank has been at the forefront of driving key economic development initiatives across Africa – such as hosting the Intra-African Trade Fair (IATF2023) that attracted deals and transactions valued at US$43.8 billion, African Medical Centre of Excellence (AMCE), a 500-bed quaternary hospital under construction in Abuja, Nigeria to specialize on haematology, oncology, cardiology and general medicine (includes a nursing and medical school).
Other initiatives include, the AfCFTA Adjustment Fund, the Afreximbank Africa Collaborative Transit Guarantee Scheme and the Afreximbank Africa Trade Centre, among others.
Distributed by APO Group on behalf of Afreximbank.Media Contact:
Vincent Musumba
Manager, Media Relations
Email: press@afreximbank.com
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About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of December 2023, Afreximbank’s total assets and guarantees stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. The Bank disbursed more than US$104 billion between 2016 and 2023. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”). The Bank is headquartered in Cairo, Egypt.
For more information, visit: www.Afreximbank.com
About Câmara de Comércio de Sotavento:
The Sotavento Chamber of Commerce (CCS) is an entity representing the business community in Cape Verde under the governance of Decree Law 57/95 of 23 October. It is a legal entity governed by private law and of public utility. It was constituted for an indefinite period of time and is endowed with legal personality, administrative and financial autonomy. The CCS is managed by the Associates, through corporate bodies elected every four years by the Plenary, in the General Assembly. In defining Cape Verde’s economic policy, CCS is considered the primary representative of the national business sector, particularly in dialogue with the Government and other public authorities. CCS is the largest business association in Cape Verde, with more than 700 members currently.
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