🇿🇦🌍 Afreximbank and AfDB urged to drive AfCFTA single market

African Business reported on 29 September that Afreximbank and the African Development Bank are being positioned as key financial institutions to support implementation of the African Continental Free Trade Area, which covers 55 African countries, a market of about 1.3 billion people and a combined GDP of roughly $3.4tn. The article said Afreximbank’s Pan-African Payment and Settlement System, developed with the African Union and the AfCFTA Secretariat, is intended to ease cross-border payments in African currencies, while its MANSA platform provides verified information on African businesses.

The partner-content article said Afreximbank should expand trade credit, guarantees, letters of credit and export finance, while AfDB should support infrastructure, industrialisation and regional integration. It was published with the support of Afreximbank.

#Africa

🔸 Source

@africaintel