The African Export-Import Bank (Afreximbank), alongside its African member states say ensuring that critical trade continues to flow uninhibited remains a priority to securing Africa’s food security
According to them, this is important because of the prevalent dependency of African economies on external supply of fertilisers and grains as well as the fact that up to 30 per cent of cereals are being imported from Russia
This is according to a statement by the bank on Monday.
It said that the lingering global food security challenges and the critical role trade with Russia played in guaranteeing Africa’s food security was at the core of discussions for Afreximbank at the second Russia African Economic and Humanitarian forum.
The forum took place at St. Petersburg from July 27 to July 29, 2023.
According to it, Prof. Benedict Oramah, President and Chairman of the Board of Directors of the Bank, made remarks at the summit.
“Afreximbank is working with the African Union Commission, the United Nations System and Russian partners to use the Africa Trade Exchange (ATEX) e-commerce platform to facilitate seamless flow of goods and payments in any currencies chosen by sellers and buyers in a transparent manner.
“The platform pools Africa’s demand for grains and fertilisers, and the Bank has placed an aggregate credit limit of US$3 billion to support these transactions.
“Beyond the food security priorities and in line with the Bank’s mandate, Afreximbank and the Russian Export Centre are collaborating to promote trade and investments in other critical sectors.
“With focus placed on activities that will help integrate the African economy and advance the implementation of the African Continental Free Trade Agreement (AfCFTA),” the President.
The News Agency of Nigeria (NAN) reports that the African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade
It offers a portfolio of solutions to support investments in agriculture, industrial parks and critical infrastructure and supports African investors seeking to explore opportunities in Russia.
Trade flows between Africa and Russia reached almost US$20 billion in the four years to 2021, as against about US$10 billion in 2015, despite the COVID-19 pandemic and other significant global crises, bringing it closer to the target of US$40 billion by 2026.
It is expected that the trade flows could double over the next four years.
The first Russia-Africa Economic Forum held in Sochi in 2019 has committed to systematically pursue stronger trade and investment ties between Russia and Africa and to reset socio-economic relations, in addition to moving the two-way trade to US$40 billion by 2026.
The two-day Russia-Africa Economic and Humanitarian Summit was attended by top political and business leaders from Russia and Africa. (NAN) www.nannews.ng
Source: News Agency of Nigeria