Afreximbank Announced the Initiative of Boosting Production of African Cotton Initiative to Accelerate the African Cotton Sector
By Abdul Rahman Suagibu –
NEW AFRICA BUSINESS NEWS, Freetown, Sierra Leone- African Export-Import Bank (Afreximbank) have said through the Bank’s Managing Director of Intra-African Trade Initiative, Kanayo Awani that; the bank is progressing through a sequence of stages to the African Cotton Initiative (AFRICOTIN) in a bid to expedite the process of the African Cotton Sector.
Ms. Awani pronounced at the launch of the African Corner at the World Cotton Day, unionized by the World Trade Organization in Geneva on 7 October, 2019 that the initiative would entwine to stream upward interventions boosting production of cotton on the continent and lower down interventions promoting and financing the consumption of cotton products.
In addendum, Kanayo Awani furthered that, the cotton value chain provides income for millions of people in Africa, particularly those living in rural areas and represented a significant source of foreign exchange for many countries.
Afreximbank had a cotton pipeline of about 400 million euros, added that, $ 195 million in textile and cotton Parks in Burkina Faso and textile and garments industrial parks in Nigeria.
The Afreximbank that sponsored the Africa Corner has allowed the Bank to display its support for the African Cotton value chain and for the African Fashion and Design Industry.
The African Corner is a section of the WTO premises dedicated to African Cotton products and was designed to give exposure and recognition to African cotton and cotton real participants. The corner is also being used to develop collaboration with the private sector and seek investors for cotton-related industries and production in Africa.
Observance of the World Cotton Day marshaled United Nations resolution sponsored by Benin, Burkina Faso, Chad and Mali proclaiming 7 October as World Cotton Day. Thequadruple, also known as the Cotton-4 are co-sponsors of the Cotton Sectorial Initiative which gears to improve on the international cotton trading system.
Cotton is produced in 75 countries, including many least-developed countries where production and processing are important contributors to economic stability and job creation.
Also addressing participants in Geneva was Arancha González, Executive Director of the International Trade Centre, who said that cotton was at the heart of the Centre’s efforts to ensure sustainable development through trade in Africa.
For New Africa Business News Abdul Rahman Suagibu Reports, Africa Correspondent