African Export-Import Bank (Afreximbank) on Thursday called for innovative finance solutions for the successful implementation of the Africa Continental Free Trade Area (AfCFTA).
Emeka Uzomba, senior advisor at Afreximbank, told a virtual forum that the continent has made numerous attempts on liberalizing trade, which have not been successful due to the absence of finance elements.
“We, therefore, need to create our own solutions to finance businesses to take advantage of opportunities presented by the AfCFTA,” Uzomba said during the Kenya Association of Manufacturing forum on Small and Medium Enterprises.
The AfCFTA was launched in January which seeks to create a single continental market and so far 36 countries have ratified the agreement.
While saying that one of the reasons for low intra-Africa trade as compared to other regions is the lack of affordable financing for businesses to engage in cross-border trade, Uzomba observed that the availability of trade finance will help catalyze the exchange of goods and services among the African nations. Enditem