Wednesday, 18th July 2023 Arusha, Tanzania: – The East African Business Council (EABC) is pleased to announce a strategic partnership with the African Export-Import Bank (Afreximbank) aimed at fostering regional trade and economic integration by creating awareness and maximizing opportunities under the African Continental Free Trade Area (AfCFTA).
Afreximbank has partnered with EABC under the one-year project titled “Positioning the EAC Private Sector to Take Advantage of the African Continental Free Trade Area (AfCFTA),” with a grant of USD 178,530 in recognition of the EABC’s commitment to promoting regional trade and economic growth.
“We extend our sincere gratitude to Afreximbank for their generous support and belief in our mission of a borderless East Africa for business and investment,” said Mr. John Bosco Kalisa, EABC CEO. “This grant will enable us to carry out crucial awareness initiatives and in-depth research that will empower businesses to harness the immense potential of the AfCFTA,” said Mr. Kalisa.
Under the project, EABC will roll out sensitization workshops to raise awareness among Small and Medium-sized Enterprises (SMEs) and Women in business about the AfCFTA Protocols and their significance for business growth. The workshops will focus on trade facilitation procedures and strategies to access markets effectively under the AfCFTA.
EABC will also conduct comprehensive assessments to identify opportunities and potential challenges for the successful implementation of the AfCFTA, with a specific focus on trade in goods and services. The findings from these research papers will inform EABC’s policy advocacy campaigns and engagements with policymakers in a bid to set up an enabling environment for businesses to expand across African borders. The research will provide valuable insights to the business community on AfCFTA markets.
This collaboration seeks to strengthen the private sector’s capacity, enhance trade facilitation, and unlock new opportunities for businesses across East Africa.
The partnership with Afreximbank aligns with EABC’s vision of fostering a vibrant and competitive regional business environment. Afreximbank is a leading financial institution on the continent, dedicated to enhancing intra-African trade and economic integration. With its vast experience and expertise, Afreximbank has been instrumental in expanding trade across African borders.
EABC and Afreximbank are committed to strengthening the capacity of the private sector through workshops, training programs, and knowledge-sharing sessions. The partnership will empower businesses to gain valuable insights into AfCFTA trade opportunities, best practices, and strategies for growth.
Notes to Editors: –
About East African Business Council: The East African Business Council (EABC) is the regional apex body of private sector associations and Corporates from the 7 East African countries. It was established in 1997 to foster the interests of the private sector in the integration process of the East African Community. EABC vision is a borderless East Africa for business and investment. The primary mission is to promote sustainable private sector-driven growth in the EAC. www.eabc-online.com/businesssummit
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. Afreximbank deploys 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. Afreximbank is working with the AU and the AfCFTA Secretariat to develop an Adjustment Facility to support countries in effectively participating in the AfCFTA. At the end of 2021, the Bank’s total assets and guarantees stood at about US$25 billion, and its shareholder funds amounted to US$4 billion. Afreximbank disbursed more than US$51 billion between 2016 and 2021. The Bank has ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). The Bank is headquartered in Cairo, Egypt.
For more information, visit: www.afreximbank.com.