The African Export-Import Bank (Afreximbank) has signed a memorandum of understanding (MoU) with the Export-Import Bank of the United States (US EXIM) to enhance trade between Africa and the United States of America (USA).
It is also expected to expand commercial engagements of the African Diaspora community in the US towards facilitating transactions critical to the economic growth of both the US and Africa.
According to a statement, the two banks would support trade and economic integration in Africa and across a broad range of trade-enabling sectors, including helping to revive and strengthen the African aviation sector.
Both parties would also facilitate trade and investments in healthcare, power, digitalisation, agriculture and agro-processing, and transportation infrastructure, including rail and road projects, as well as investments in renewable energy projects, most importantly, scaling support for industrial development across the African continent.
The MoU was signed by the President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah and President, and Chair of US EXIM, Reta Jo Lewis, on the sidelines of the just concluded US-Africa Leaders’ Summit, in Washington DC.
Afreximbank and US EXIM would also cooperate with other US departments and agencies through the Prosper Africa initiative, a US Trade and Investment Initiative which aims to increase trade and investment between the US and African countries.
The Prosper Africa initiative also targets other organisations, businesses, and investors from the African Diaspora community in the US
“With the signing of this memorandum of understanding, we move from intentions to action and set the stage for our two institutions to serve as anchors for a renewed, vibrant U.S.-Africa trade and investment relationship,” Oramah said during the signing ceremony.
“As the political actors from the US and Africa renew their commitments to a stronger alliance in today’s fractured world, our two institutions must convert the political intentions into concrete business, trade, and economic gains for the expectant African and American people.
“The time to act is now! By entering this MoU with U.S. EXIM, Afreximbank is helping to open wide that window of opportunity,” he added.
“The partnership that U.S. EXIM and Afreximbank are undertaking today is very much part of the Administration’s commitment to revitalising partnerships and collaboration with Africa. And the MOU that we are signing today is: To partner with Afreximbank in an effort to create economic opportunity and job creation in Africa and the United States and to “engage America’s African Diaspora,” a source of strength who maintain close familial, social, and economic connections to the continent,” Lewis added.