First intra-African trade transaction worth US$270m successfully completed

AFRICA – The first intra-African trade transaction through blockchain technology worth US$270 million has just been successfully completed between Morocco and Ethiopia, according to the Office Chérifien des Phosphates (OCP), one of the world’s leading phosphates fertilizer suppliers. The first of its kind in Africa, the transaction involving the export of fertilizers from Morocco to Ethiopia was carried out thanks to the collaboration between Dltledgers, a company specializing in the digitization of trade and the Bank of Commerce and Development of East and Southern Africa (TDB). “Dltledgers made available its…

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NEXIM launches US$26m seed fund to support women and youth exporters

NIGERIA – The Nigerian Export-Import Bank (NEXIM) has launched N10 billion (US$26.23m) seed fund to support women and youth exporters under a new programme coined Women and Youth Export Facility (WAYEF).  Managing Director of the bank, Mr. Abubakar Bello, who spoke at the launch in Abuja, described empowering women as smart business, owing to the multiplying effects of women’s businesses on their families and the larger society. Bello explained that the bank has provided enormous support for many export-oriented industries that are high employers of women and youth such as…

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Afreximbank, NEXIM partner to launch Joint Project Preparation Fund for trade sector

NIGERIA – African Export-Import Bank (Afreximbank) and Nigeria Export-Import Bank (NEXIM) have entered into a Memorandum of Understanding (MoU) to establish a Joint Project Preparation Fund. The fund will provide early project preparation financing and technical support services to public and private sector entities operating in Nigeria’s trade sector. The Joint Project Preparation Fund will support public and private sector investors by providing technical and financial support services that will result in a steady pipeline of well-structured, bankable projects that Afreximbank, NEXIM and other financial institutions can readily finance. Under…

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Kenya and UK finally ratify trade deal

KENYA – Kenya and United Kingdom post-Brexit trade agreement has received approvals from lawmakers of both countries, ending months of anxiety between the business community in Kenya and the UK. Kenya and the UK penned, a post-Brexit deal on 3rd November 2020, creating way for a long-term treaty that will shield Kenyan exports from the high tariffs that would apply when UK leaves the EU. Both countries reached a deal on the continuation of duty- and quota-free access of Kenyan exports after the UK finally exits the EU at the end…

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Afreximbank, COMESA partner to implement its US$1b Continental Transit Guarantee Scheme

AFRICA – Pan-African multilateral trade finance institution African Export-Import Bank (Afreximbank), has signed the Instrument of Accession to the Inter-Surety Agreement for the Implementation of the COMESA Regional Customs Transit Guarantee/Bond Agreement. The Bank is now set to begin the implementation of its US$1billion Continental Transit Guarantee Scheme, of which about US$200 million is earmarked for the COMESA region. The Agreement was by Professor Benedict Oramah, President of Afreximbank and Dr. Elirehima Joshuo Doriye, Chairperson of the Council of Regional Customs Transit Guarantee (RCTG). The scheme sets the stage for…

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Kenya’s Chamber of Commerce opens office in UAE to promote trade

KENYA – The Kenya National Chamber of Commerce and Industry (KNNCI) has opened a representative office in the United Arab Emirates (UAE) to enhance bilateral relations and support business communities in the two countries. The announcement came during a meeting between the Sharjah Chamber of Commerce and Industry (SCCI) and the Kenyan delegation led by KNCCI president Richard Ngatia. Speaking during the event, SCCI chairman Abdullah Sultan Al Owais said that Sharjah Chamber is keen to provide all the support for opening the Kenyan office, noting that this step would…

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Afreximbank approves US$70m to finance Beitbridge expansion in Zimbabwe

ZIMBABWE – Pan-African multilateral trade finance institution African Export-Import Bank (Afreximbank) has approved US$70 million to finance the expansion and upgrade of the Beitbridge border post in Zimbabwe to boost intra-Africa trade. The Beitbridge border post between Zimbabwe and South Africa is the busiest border crossing in Southern Africa, with an average of 25,000 people and 500 trucks crossing the border every day. The border post’s upgrade will significantly reduce waiting periods that have hampered and slowed trade across Southern Africa, causing haulage operators to use longer, less efficient alternative…

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Finland backs TradeMark East Africa with US$13m to boost regional trade

EAST AFRICA – TradeMark East Africa (TMEA) and Finland have signed a three-year agreement to revive and boost trade in the region following a decline caused by Covid-19 restrictions.  The US$13 million fund is aimed at supporting initiatives along the Northern Corridor that stimulate economic activity. The agreement was signed at the Kenya Ports Authority headquarters in Mombasa on by Finnish Ambassador to Kenya Erik Lundberg and TMEA board chairman Erastus Mwencha and witnessed by Dr Kevit Desai, Principal Secretary in Kenya’s Ministry of East Africa Community Affairs. Mr Lundberg…

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Kenya grants British products 25-year free entry in trade pact

KENYA – British companies will get 25-year tax free period to ship goods to Kenya under the trade agreement signed by the two countries. The post-Brexit trade deal with the United Kingdom will, however, open the window for British companies to flood the Kenyan market with finished and unfinished goods that exclude agricultural and industrial products at the expiry of a seven-year moratorium. The details of the trade agreement were revealed by Kenya’s Ministry of Industrialisation, Trade and Enterprise Development as it asked Parliament to ratify the Economic Partnership Agreement…

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Tunisia secures US41.5bn from ITFC to increase trade flows and build trade capacity

TUNISIA – The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has signed a US$1.5 billion framework agreement with the Government of Tunisia aimed at supporting Tunisian State-owned companies to finance the importation of essential commodities such as energy and industrial products amongst others. The agreement will increase trade flows and build trade capacity within the Republic as well as to access trade development programs to drive exports and promote inter-regional trade with other Arab and African countries. Under the agreement, signed by…

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