First Independent Mena Newspaper
Africa’s trade is poised to hit a record $1.5 trillion in 2025, driven by accelerating regional integration and improved infrastructure, according to projections from the IMF and Afreximbank — yet economists warn of persistent structural hurdles. With trade growth expected to average 5.1% annually through 2026 and intra-African trade expanding at 6.6% per year, the […]
Africa has taken a major step toward financial self-determination with the launch of PAPSSCARD, the continent’s first Pan-African card scheme. Announced during the 32nd Afreximbank Annual Meetings in Abuja, Nigeria, the card aims to keep value, data, and economic benefits within Africa by processing payments entirely on the continent. The PAPSSCARD is a joint initiative […]
The East African Community (EAC) is grappling with a severe financial crisis, with member states failing to remit over $62 million in contributions for the 2024/25 financial year. The bloc, which comprises Burundi, the Democratic Republic of Congo, Rwanda, South Sudan, Somalia, Tanzania, Uganda, and Kenya, has seen its programs delayed, while salaries for staff […]
The four-day ‘Investing in African Mining Indaba’ that officially kicked off in Cape Town, South Africa, on Monday (3 January) features presentations from mining experts, delegates and influential policymakers and also includes discussions on the effects that US tariffs and the freeze on foreign aid might have on Africa’s mining industries. The African mining-focused event […]
Many African countries still depend solely on food importation to survive regardless of their large land areas, says a new report by the African Export-Import Bank (Afreximbank) that also reveals that all countries on the continent together spend an average of $50 billion annually importing foods. “The nations of Africa together import approximately $50 billion […]
The Africa Export-Import Bank, or Afreximbank, has incorporated 11 African central banks into its flagship Pan-African Payment and Settlement System (PAPSS) that offers an alternative in which participants can conduct transactions in their currencies, eliminating the necessity for a third-party currency such as the US dollar. The PAPSS is one of the Afreximbank’s efforts aimed […]
The African Petroleum Producers’ Organization (APPO) is planning to get its first bank by June 2024 in a move to secure funding for the development of regional energy infrastructure. The organization unveiled the plan during a November 2 meeting in Benin. The bank named as African Energy Bank (AEB) would be launched no later than […]
African Export-Import Bank has pledged $1 billion in support for Morocco-Africa Trade & Investment program which finances and promotes intra- and extra-African trade. An agreement was inked over the weekend on the sidelines of the 2023 Annual Meetings of the World Bank & the International Monetary Fund held in Marrakesh October 9 to 15. Under […]
The China Development Bank (CDB) and the African Export-Import Bank (Afreximbank) inked Monday August 28 a $400-mllion loan to be used to support the financing of small and medium-sized enterprises (SMEs) across Africa. President of CDB, Mr. Tan Jiong, and President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah, signed the […]
The Africa Trade Gateway (ATG) — a suite of five digital platforms designed as a single window — was officially launched by the African Export-Import Bank (Afreximbank) in Accra this week. The ATG is designed to enable the Afreximbank better deliver on its mandate by providing critical services to support and promote African trade and […]