Afreximbank calls for greater DFI cooperation to foster industrialization

26 May 2017, 12:00 am
Financial Nigeria


Afreximbank made the call at a panel discussion organized by Association of African Development Finance Institutions.

Benedict Oramah, President, African Export-Import Bank

The African Export-Import Bank has called for greater cooperation among Africa’s development finance institutions (DFIs) in order to drive industrialization on the continent, according to a statement released on Thursday.

Kanayo Awani, the Managing Director of Afreximbank’s Intra-African Trade Initiative, made the call while speaking during a panel discussion organized by the Association of African Development Finance Institutions (AADFI) on the sidelines of the annual meetings of the African Development Bank (AfDB) holding in Ahmedabad, India from May 22nd to 26th.

Awani said opportunities for such partnerships among DFIs exist in the areas of capacity building, project preparation, and the mobilization of long-term financing required to develop industrial parks and export processing zones.

“Afreximbank will welcome partnerships with other DFIs in the various areas,” Awani said, adding that the bank was working towards creating the enabling environment to help fast-track industrialization in Africa by directly addressing “hard” and “soft” infrastructure constraints.

Awani commended the AfDB for showing strong interest in supporting Afreximbank’s industrialisation and export development initiatives along with those of other DFIs.

With over 70 members, the AADFI is an umbrella organization of African DFIs created under the auspices of the AfDB in 1975. The Abidjan-based association became autonomous from the AfDB in 1994. The main activities of the AADFI are the provision of information and training in the techniques of banking and finance as well as development policy advice to African bankers and finance officers.