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Intra and extra-African trade: Libya officially joins Afreximbank

27/12/2024
Source : ORISHAS FINANCE
Categories: Sectors

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Dans un communiqué publié mardi 24 décembre 2024, la Banque African Export-Import Agency (Afreximbank) announced that Libya has officially joined

eacute; to the agreement to establish this pan-African financial institution dedicated to the financing and promotion of intra- and extra-African trade.

Libya's membership in Afreximbank should allow it to gain support financier and technique to relaunch its economy impacted by more than a decade of political and security turmoil, and to strengthen its trade with the rest of the continent. This marks “an important step towards complete continental coverage.” Afreximbank According to the Libyan Minister of Finance, Khaled Al-Mabrouk Abdullah, quoted in the press release, “the accession of the Libyan State to is an important step in its marche towards the reconstruction of its economy and the restoration of its role as a regional trade hub.” Afreximbank will also provide technical and financial assistance to the Sahelo-Saharan Bank for Investment and Trade (BSIC) in order to expand its operations in East Africa, in addition to offering a technical training and support for Libyan exporters to benefit from the structuring of trade finance and access to African markets

.

Likewise, this membership paves the way for cooperation between the Libyan government and the banking institution on key development projects, with an emphasis on trade facilitation, infrastructure development, and financial support for the North African nation. The financing of the development of the Misrata free zone and the construction of a road connecting Libya, Chad and Niger, which should significantly stimulate intra-African trade, are among others the projects identified

for cooperation.
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