Ivorian Prime Minister appeals for Afreximbank support in country’s pursuit of trade goalsThursday 30 July 2015
Abidjan, 27 July 2015 – Ivorian Prime Minister Daniel Kablan Duncan today in Abidjan called on the African Export- Import Bank (Afreximbank) to strengthen its trade finance support to the country to enable it raise its trade volume with other African countries to 50 per cent of its total external trade volume by 2020.
Speaking in his office when he received an Afreximbank delegation led by Bank President Jean-Louis Ekra, who was accompanied by Dr. Benedict Oramah, the President Designate, Mr. Duncan said that exchanges with other African countries currently accounted for 34 per cent of Côte d’Ivoire’s total trade volumes but that the country’s goal was to increase the African contribution to 50 per cent by 2020.
He identified Nigeria as Cote d’Ivoire’s primary trading partner and said that the country needed the continued commitment of Afreximbank in order to establish local industries, particularly in the area of agro-processing, including cocoa, palm oil, rubber and cashew nuts, which needed strong local value-addition.
The Prime Minister commended Mr. Ekra for his leadership and know-how as President of Afreximbank, which, he said, helped position the institution as a leading financial institution contributing to Africa’s growing share in global trade and intensified intra-African trade.
He also congratulated Dr. Oramah on his appointment as the next President of the Bank and pledged Côte d’Ivoire’s continued support to Afreximbank in the implementation of its mandate to promote trade development within Africa and to build up local business sectors.
Earlier, President Ekra, who said that he was in the country to formally introduce the President Designate to the Ivorian authorities, acknowledged Côte d’Ivoire’s continued support for Afreximbank and said that the Branch Office recently opened in Abidjan would greatly improve access of the Ivorian business sector to trade finance services and would help boost trade within the West African Economic and Monetary Union region.
Also speaking, Dr. Oramah pledged his commitment to pursuing the vision instituted by President Ekra in Afreximbank as he took over from him, saying that he was determined to ensure that the Bank remained a true catalyst for Africa’s trade development.
The African Export-Import Bank (Afreximbank) is the foremost Pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade. The Bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors. Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations. Since 1994, Afreximbank has approved almost $35 billion in credit facilities for African businesses, including about $4.5 billion in 2014. Afreximbank is headquartered in Cairo. For more information, visit: www.afreximbank.com