AfCFTA africa Banking Mozambique Trade

Mozambique to join Afrexim Bank

The Mozambican government announced yesterday that it has authorised Minister of Economy and Finance, Adriano Maleiane, to sign the country’s accession to the African Export-Import Bank (Afrexim).

According to the statement issued at the end of the weekly session of the Council of Ministers, Adriano Maleiane received from the executive the approval to formalize the entry of Mozambique in that pan-African bank.

Afrexim was created in 1993 by the African Development Bank (AfDB) and has a registered capital of over $ 11 billion (€ 9.9 billion).

In July, Afrexim President Benedict Oramah informed African Union Heads of State and Government that the bank will set up a US$1 billion (€ 901.6 million) fund to support the implementation of the agreement for the creation of the free trade zone in Africa.

The US$1 billion fund is intended to help countries adjust to the sudden and significant loss of customs revenue, which is expected to be reduced and in some cases eliminated.

“This fund will help countries accelerate the ratification of the AfCFTA [African Continental Free Trade Agreement],” said Benedict Oramah, adding that by starting the operational phase of the agreement “an unstoppable move has been initiated.”

Source: Lusa via Club of Mozambique

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