Dr. Benedict Oramah, President of Afreximbank
The
African Export-Import Bank (Afreximbank) and the Export
Credit Insurance Corporation of South Africa SOC Limited (ECIC) today
in Johannesburg, South Africa, are launched the South African-Africa
Trade and Investment Promotion Programme (SATIPP), a $1 billion
financing programme to promote and expand trade and investments
between South Africa and the rest of Africa.
Under
the terms of SATIPP,
Afreximbank and ECIC will work together to identify, prepare and
appraise trade transactions and projects; explore co-financing and
risk-sharing opportunities; and share knowledge, with particular
emphasis on intra-African trade matters, through technical
cooperation, staff exchange, research and joint events.
Addressing
business people, media and stakeholders from the public and private
sectors, who attended the signing ceremony, Dr. Benedict Oramah,
President of Afreximbank, said that the joint initiative would
support businesses through capacity building and market information
initiatives and would help small and medium-sized entrepreneurs to
join regional supply chains.
It
would also provide advisory services and guarantees to South African
investors seeking trade and investment opportunities in Afreximbank
African member countries, added Dr. Oramah.
According to him, the initiative, provides a platform for the realization of Afreximbank’s strategic objectivesin line with its strategy, IMPACT 2021: AFRICA TRANSFORMED, which prioritizes intra-African trade, industrialization and export manufacturing. It also aligns with South Africa’s strategic goal of expanding trade with the rest of Africa.
According to him, the initiative, provides a platform for the realization of Afreximbank’s strategic objectivesin line with its strategy, IMPACT 2021: AFRICA TRANSFORMED, which prioritizes intra-African trade, industrialization and export manufacturing. It also aligns with South Africa’s strategic goal of expanding trade with the rest of Africa.
Also
speaking, Kutoane Kutoane, CEO of ECIC, said, “We
realise that one of the best ways to enhance our exporting
capabilities as a country is by intensifying mutually beneficial
trade with the rest of the continent.”
The
ceremony also served as a platform to introduce and discuss the
Intra-African Trade Fair (IATF) being organised by Afreximbank in
Cairo, Egypt, from 11 to 17 December 2018. The Fair is being held in
collaboration with the African Union and hosted by the Government of
Egypt represented by the Export Development Authority on behalf of
the Ministry of Trade and Industry.
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