The African Export-Import Bank (Afreximbank) has signed a 5-year agreement with the African Capacity Building Foundation (ACBF) to support capacity development initiatives to 2025.
The agreement was signed by Afreximbank’s president Benedict Oramah and Emmanuel Nnadozie ACBF executive secretary late last month.
In a statement, Afreximbank said the agreement will see the two pan-African institutions contribute to capacity development for the implementation of the Africa Continental Free Trade Agreement (AfCFTA).
“The agreement was signed by Afreximbank’s president Benedict Oramah and Emmanuel Nnadozie ACBF executive secretary will see the two pan-African institutions contribute to capacity development for the implementation of the Africa Continental Free Trade Agreement (AfCFTA) encompassing knowledge-sharing, advocacy and promotion of trade and economic development in African Union’s Member States,” reads the statement.
Reflecting on the signing of the agreement, Prof. Oramah emphasised the need for African institutions to harness the power of collaboration to achieve maximum results in developing the African continent, particularly during and after the Covid-19 era.
“African Capacity Building Foundation has proved to be capable and effective in its long-standing role as an agent for capacity development in Africa. We are confident that the collaboration we have just sealed with the Foundation will make the necessary impact in various African States, and further advance the aspirations of Agenda 2063,” Professor Oramah remarked.
On the other hand, Prof. Nnadozie acknowledged the timely support by Afreximbank, saying it would enable the Foundation to continue its support to African countries faced with capacity challenges that have been exacerbated by the COVID-19 pandemic.
“We are truly inspired and appreciative of the support we continue to enjoy from Afreximbank. The impact we have made together as African Institutions is tremendous, and we look forward to contributing to the post-COVID-19 recovery of African economies through supporting and addressing their capacity needs during these trying times,” he said.
The financial assistance follows the initial support provided by Afreximbank to ACBF some five years after the two institutions entered into a partnership to collaborate in strengthening human and institutional capacity to support intra-African trade, in contribution to the sustainable development of African countries.
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