(Ecofin Agency) - The African Export-Import Bank (Afreximbank) announced plans to double its financing for intra-African trade to $40 billion by 2026, up from $20 billion in 2021. The announcement, made on August 9, 2024, by Haytham ElMaayergi, Executive Vice President of Afreximbank's Global Trade Bank, came during the African Caucus meeting of the World Bank Group and the International Monetary Fund (IMF) in Abuja. The theme of the meeting was “Facilitating Intra-African Trade: Catalyst for Sustainable Development in Africa”.

ElMaayergi emphasized that Afreximbank has long been a leader in promoting intra-African trade. The bank has committed $1 billion to support the African Continental Free Trade Area (AfCFTA) Adjustment Fund, alongside a $10 million grant to facilitate the fund's establishment and operationalization.

Afreximbank is also working closely with the AfCFTA Secretariat and the African Union Commission to ensure the successful implementation of key initiatives, including the Pan-African Payment and Settlement System (PAPSS), the Africa Trade Gateway, and Afreximbank's African Collaborative Transit Guarantee Scheme.

Since its founding in 1993, Afreximbank has been dedicated to financing and promoting intra- and extra-African trade. The bank provides funding to public entities, private investors, and institutional investors across Africa, as well as to non-African companies engaged in business on the continent. Afreximbank operates two subsidiaries: the Fund for Export Development in Africa (FEDA), an impact investment fund, and AfrexInsure, an insurance management subsidiary.