Durban to host Intra-African Trade Fair 2021 after Kigali pulls out

SOUTH AFRICA – The second Intra-African Trade Fair (IATF2021) will be taking place in Durban, the organizers have announced. This event is organized by the African Export-Import Bank (Afreximbank) in collaboration with the African Union (AU) and the African Continental Free Trade Area (AfCFTA) secretariat and is expected to take place from November 15 until November 21. The continental trade fair was previously due to be held in Kigali, Rwanda. The decision to move the fair to Durban was made by the Advisory Council of IATF2021 and was arrived at after formal…

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Nedbank partners with IFC to support trade in Mozambique

MOZAMBIQUE – Nedbank Mozambique S.A., has joined International Finance Corporation’s (IFC) Global Trade Finance Program (GTFP) to boost a vital economic engine of growth that has been strained by the COVID-19 pandemic. IFC announced a trade finance facility guarantee of US$10 million under its GTFP to Nedbank Mozambique which will provide support to strengthen the bank’s trade finance operations and assist in redesigning its trade solutions to promote Mozambique’s cross-border trade. IFC has already started to provide Nedbank Mozambique with technical expertise under the GTFP through a workshop that took…

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TradeMark East Africa and TDB ink deal to support trade in Eastern and Southern Africa

EAST AFRICA – TradeMark East Africa (TMEA) and the Eastern and Southern African Trade & Development Bank (TDB) have signed a Memorandum of Understanding (MoU) that establishes a framework for collaboration ultimately seeking to boost trade in the region served by both institutions. By leveraging the two institutions’ expertise in project development and finance, TMEA and TDB will endeavor to jointly pursue targeted investments in trade logistics and production systems, including roads, ports and industrial parks projects, and to facilitate structured trade finance transactions of commodities. Moreover, institutions will work…

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Matrix Petroleum founder and CEO talks up AfCFTA prospects

SOUTHERN AFRICA – Diversified United Kingdom-based Metrix Petroleum says the Africa Continental Free Trade Agreement (AfCFTA) presents great opportunities for Africa’s development. Matrix Chief Executive Officer Mr. Malvin Chiwanga said in a statement to the media that their company was already present in South Africa, Zambia and Zimbabwe, and it was now expanding into Namibia and Tanzania through the linkages provided by AfCFTA. “Intra-Africa trade is worrisomely low at the current moment, especially when it comes to oil and gas. The establishment of the African Free Continental Trade Area is a good…

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IFC and East Africa Bank unveils US$5m trade finance guarantee to support businesses in Djibouti

DJIBOUTI – The International Finance Corporation (IFC), a member of the World Bank Group, has announced a US$5 million trade finance guarantee facility to Djibouti- based East Africa Bank (EAB) to help local companies engage in cross-border trade. The support is a vital engine of economic growth that has been strained by the COVID-19 pandemic, IFC’s trade finance facility guarantee of up to US$5 million under its Global Trade Finance Program (GTFP) will help EAB provide financing to importers and exporters in Djibouti, supporting the local economy and helping maintain…

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ADEX and TDB sign US$30m facility to bolster UAE trade with Africa

AFRICA- The Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), has signed a US$30 million line of credit agreement with the Eastern and Southern African Trade and Development Bank (TDB) formerly PTA Bank, to bolster trade between the UAE and the bank’s member states. The partnership is the first of its kind to be signed by ADEX with a foreign financial institution. Through the Facility, ADEX will provide the line of credit to TDB for the purpose of extending loans to buyers and…

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Global e-commerce jumps to US$26.7 trillion, Covid-19 boosts online retail sales – UNCTAD

WORLD – According to a new  report by United Nations Conference on Trade and Development (UNCTAD), online retail sales grew markedly in several countries, with the Republic of Korea reporting the highest share at 25.9% in 2020, up from 20.8% the year before. Meanwhile, global e-commerce sales jumped to US$26.7 trillion globally in 2019, up 4% from 2018, according to the latest available estimates. This includes business-to-business (B2B) and business-to-consumer (B2C) sales and is equivalent to 30% of global gross domestic product (GDP) that year. “These statistics show the growing…

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DHL partners with Angola’s cargo carrier Unicargas to boost trade

ANGOLA – DHL Global Forwarding (DHL) has teamed up with Angolan cargo carrier, Unicargas to promote the export of locally-produced goods to Europe and the US. “Partnerships like this play a vital role in promoting economic growth, which are largely fueled by a vibrant pool of local enterprises ready to extend their reach. At DHL, we remain committed to enable the continent’s development by empowering African businesses to enter new markets. Our partnership with Unicargas is the perfect example of our approach to think globally and act locally, where strategic…

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World Bank approves US$380m financial support to Malawi & Mozambique to facilitate trade

MALAWI – The World Bank, through the International Development Association (IDA), has approved US$380 million in financing to support Malawi and Mozambique increase regional trade coordination, reduce trade costs and time, develop regional value chains, and improve access to infrastructure. The new Southern Africa Trade and Connectivity Project (SATCP) seeks to benefit the two countries through investments that will facilitate trade, strengthen regional coordination, and increase diversified economic opportunities along the Nacala and Beira corridors, connecting Mozambique to Malawi, and along the Maputo Corridor, connecting Mozambique to South Africa through…

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AfCFTA, UNDP ink strategic partnership to promote trade in Africa

AFRICA – The African Continental Free Trade Area (AfCFTA) Secretariat and the UN Development Programme (UNDP) have signed a strategic partnership to promote trade as a stimulus for Africa’s socioeconomic recovery from the Covid-19 crisis, and as a driver of sustainable development particularly for women and youth in Africa, in line with the SDGs and Agenda 2063. The agreement was sealed by the AfCFTA secretary general Wamkele Mene, accompanied by ambassador Fatima Mohammed Kyari, permanent observer of the African Union to the United Nations, and by the UN assistant secretary-general…

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