By Staff Reporter
African Export-Import Bank (Afreximbank), in collaboration with the Namibia Trade Forum and the Ministry of Industrialisation and Trade, hosted a business forum in Windhoek, engaging various trading partners and stakeholders on its mandate to provide financial support, establish partnerships and oversee projects implementation processes.
Afreximbank’s representatives introduced the business sector in the country to the Bank’s products and services while indicating that the Bank has a pipeline of US$85million for transactions under consideration for distribution across various sectors, including mining, energy, and health.
Afreximbank’s delegation, led by Mr Rene Awambeng, Head of Global Client Relations, also highlighted Namibia’s dynamic international trade sector, committing to working more closely with the business community in the public and private sectors.
Afreximbank emphasised the importance of the African Continental Free Trade Area Agreement (AFCFTA), which Namibia has been critically aware of. According to the Ministry of Industrialisation and Trade, Namibia has commenced awareness creation. It will soon begin training potential exporters and implementers, including customs officials, as part of its national implementation strategy and action plan, to be launched on the 21st of November, 2022. The business community was invited to develop a robust pipeline of projects allowing Namibia’s economy to take full advantage of the AFCFTA.
In addition, Afreximbank committed to supporting Namibia with the financing of Trade Enabling Infrastructure, which includes airports, ports and terminals, railways, telecommunication infrastructure, power projects and renewable energy projects. The Bank pledged to work with the country’s financial institutions to make financing accessible to the public and private sectors and SMEs to finance trade and project deals.
Speaking during the opening of the event, Mr. Sikongo Haihambo, Executive Director of the Ministry of Industrialization and Trade, said:
“Namibia must accelerate its industrialization agenda and diversify its export basket. This means increasing productivity, innovation, and financial support. Afreximbank is one of our most reliable partners in terms of financial support.”
Head of Global Client Relations, Mr. Rene Awambeng, on behalf of Afreximbank’s President and Chairman of the Board, said:
“At Afreximbank, we believe that Namibia’s Development Agenda and plan offer a set of viable and sustainable solutions to the current challenges faced by the country. Afreximbank is keen to work with Namibia’s public and private sectors to develop a robust pipeline of projects that local Banks can finance. I would like to reconfirm Afreximbank’s unwavering commitment to the transformation of the Namibian economy. We look forward to and welcome opportunities for robust and mutually rewarding cooperation in advancing economic development in Namibia.”
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. Afreximbank deploys innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that the African Union adopted (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Afreximbank is working with the AU and the AfCFTA Secretariat to develop an Adjustment Facility to support countries in effectively participating in the AfCFTA. At the end of 2021, the Bank’s total assets and guarantees stood at about US$25 billion, and its shareholder funds amounted to US$4 billion. Afreximbank disbursed more than US$51 billion between 2016 and 2021. The Bank has ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). The Bank is headquartered in Cairo, Egypt.