Egypt, third largest economy in Africa, is set to host the first intra-African trade.
The fair will be organised by the African Export-Import Bank (Afreximbank) in conjunction with the government of Egypt.
The President of Afreximbank, Dr. Benedict Oramah, said that “the Intra-African Trade Fair is the first of its kind in Africa, consisting of a seven-day trade show that will provide a platform for sharing trade, investment and market information and will enable buyers and sellers, investors and countries to meet, discuss and conclude business deals.”
The event will also “provide an opportunity for exhibitors to showcase their goods and services, engage in business-to-business exchanges and conclude business deals”.
Oramah met in Cairo with Dr. Sahar Nasr, Egypt’s Minister of Investment and International Cooperation, for discussions on the bank’s support to the Egyptian economy and to explore how the ministry can collaborate in the Intra-African Trade Fair being organised by the Bank in Cairo in December.
Oramah said that since its inception, the bank had approved financing facilities totalling $14.5 billion for Egyptian corporates and financial institutions.
“As at the end of 2017, the bank’s exposure to Egypt amounted to $1.5 billion, representing 18 per cent of our portfolio,” he said, adding that the exposure as at 30 April represents 15.57 per cent of the bank’s total portfolio.
Nasr commended Afreximbank for organising the trade fair and said that the ministry endorsed the efforts by the bank in support of the Egyptian economy and its contribution to promote and facilitate intra-African trade.
With Oramah on the visit were Managing Director, Intra-African Trade Initiative Kanayo Awani; Special Assistant to the President for Economics, Richman Dzene; Manager, International Cooperation, Dr. Christiane Abu-Lehaf, Manager, Intra-African Trade Initiative, Ayman El-Zoghby, and Manal Mounir from the Communications and Events Department