Afreximbank emphasises the importance of food security, trade promotion, and the advancement of the AfCFTA

According to the African Export-Import Bank (Afreximbank) and its African member countries, ensuring that important trade flows unhindered remains a priority in guaranteeing Africa’s food security.

According to them, this is significant since African economies are heavily reliant on external supplies of fertiliser and grains, as well as the fact that up to 30% of cereals are imported from Russia.

According to a bank statement issued on Monday.

It stated that the remaining global food security concerns, as well as the crucial role trade with Russia played in ensuring Africa’s food security, were at the heart of Afreximbank’s discussions at the second Russia African Economic and Humanitarian Forum.

The forum was held in St. Petersburg, Russia, from July 27 to July 29, 2023.

Prof. Benedict Oramah, President and Chairman of the Bank’s Board of Directors, made remarks at the summit, according to the report.

“Afreximbank is collaborating with the African Union Commission, the United Nations System, and Russian partners to use the Africa Trade Exchange (ATEX) e-commerce platform to facilitate the transparent flow of goods and payments in any currencies chosen by sellers and buyers.”

“The platform pools Africa’s demand for grains and fertilisers, and the Bank has set a US$3 billion credit limit to support these transactions.”

“Aside from food security priorities, and in accordance with the Bank’s mandate, Afreximbank and the Russian Export Centre are working together to promote trade and investment in other critical sectors.”

“With a focus on activities that will aid in the integration of the African economy and the advancement of the African Continental Free Trade Agreement (AfCFTA),” the President said.

According to the Nigerian News Agency (NAN), the African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution tasked with financing and promoting intra- and extra-African commerce.

It provides a portfolio of solutions to support agricultural, industrial parks, and essential infrastructure developments, as well as assistance to African investors interested in exploring prospects in Russia.

Despite the COVID-19 epidemic and other big global crises, trade flows between Africa and Russia achieved over US$20 billion in the four years to 2021, up from roughly US$10 billion in 2015, bringing it closer to the aim of US$40 billion by 2026.

Over the next four years, trade flows are predicted to quadruple.

The first Russia-Africa Economic Forum, held in Sochi in 2019, agreed to systematically pursue better commercial and investment links between Russia and Africa, as well as to reestablish socioeconomic relations, with the goal of increasing two-way commerce to $40 billion by 2026.

Top political and commercial figures from Russia and Africa attended the two-day Russia-Africa Economic and Humanitarian Summit. (NAN)