(Algiers) – The African Export-Import Bank (Afreximbank) and the International Trade Centre (ITC) renew and expand their memorandum of understanding (MOU), underscoring their commitment to strengthening intra-African trade, small and medium-sized enterprise (SME) competitiveness, and South-South cooperation.
Signed on the sidelines of the ongoing fourth Intra-African Trade Fair (IATF2025) on 5 September by Prof. Benedict Oramah, outgoing President and Chairman of the Board of Directors of Afreximbank, and Ms. Pamela Coke-Hamilton, Executive Director of ITC, it marked the first MOU signing to take place during the conference.
Under the renewed MOU, Afreximbank and ITC will promote SME competitiveness, capacity building related to the African Continental Free Trade Area (AfCFTA), sustainable livelihoods through the creative industries, strengthening of Africa’s trade partnerships with the Caribbean and Arab regions, and increased access to finance for businesses, including small businesses.
Commenting on the signing, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, said that the renewed MOU would help to expand Africa’s creative industries, deepen South-South cooperation with the Caribbean, and strengthen the AfCFTA’s private sector impact.
‘The signing of the renewed MOU on the sidelines of IATF2025 is a strong demonstration of Afreximbank’s leadership in driving Intra-African trade and SME empowerment,’ Prof. Oramah said. ‘By choosing IATF2025 as the platform for this announcement, Afreximbank and ITC are underlining the important role of the IATF as a platform for unlocking the potential of SMEs to drive Africa’s trade led development.’
He said that the partnership between Afreximbank and ITC positioned them as joint leaders in ensuring that Africa’s SMEs and creative entrepreneurs gain global visibility and market access, adding that they were scaling up their collaboration in order to empower the SMEs and creative industries, foster Africa-Caribbean linkages, and advance AfCFTA implementation.
ITC Executive Director Pamela Coke-Hamilton said: Our long-term partnership with Afreximbank is one built on strengthening the way Africa engages with the rest of the world in terms of trade. With our expanded partnership, we will continue to work together to make trade easier, more accessible and less costly across the continent, for all African businesses, including the smallest and those led by women and youth.’
IATF2025, which is taking place from 4 to 10 September, has brought together thousands of participants in Algeria’s SAFEX and related venues. Over 2,000 exhibitors are participating, with more than 44 African countries exhibiting in addition to other foreign countries. Over $44 billion in trade and investment deals is projected to be concluded during the Fair.
Notes for the Editor
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 over 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 industrialisation 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 has set up a $10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank's total assets and contingencies stood at over $40.1 billion, and its shareholder funds amounted to $7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa2), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity 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. Follow Afreximbank on X |Facebook | LinkedIn | Instagram
About the International Trade Centre – ITC is the joint agency of the World Trade Organization and the United Nations. ITC assists small and medium-sized enterprises in developing and transition economies to become more competitive in global markets, thereby contributing to sustainable economic development within the frameworks of the Aid-for-Trade agenda and the United Nations’ Sustainable Development Goals.
For more information, visit www.intracen.org. Follow ITC on X | Facebook | LinkedIn | Instagram | Flickr
Media contacts:
Vincent Musumba
Communications and Events Manager
(Media Relations)
Afreximbank
Email: [email protected]
Susanna Pak
Senior Strategic Communications Officer
Office of the Executive Director
International Trade Centre
Email: [email protected]
