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    $7 Billion to be injected by the African Development Bank (AfDB) to enhance development of Africa Continental Free Trade Area (AfCFTA)

    Posted On 12 Oct 2021
    By : New Africa Business News, Staff Correspondent
    Comments: 12

    By Abdul Rahman Bangura–

    Photo Credit: The government and business journal

    NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- The African Development Bank said it will support trade valued at $7 billion over the next five years in a bid to spur the growth of the world’s biggest free-trade area.

    Established in 1964, the AfDB will ensure loans provided to corporations to peddle their products across the African continent in a motion that will promote the improvement of the African Continental Free Trade Area that ran into influence on January 1st, 2021.

    Firms in 2019 encountered a short in billions in financing trade, according to an analysis done by the Abidjan, Ivory Coast-based lender. The gap has broadened pursuing the the Novel Coronavirus pandemic, that ravaged need and made it tough for companies to fulfill credit requirements set by local and foreign lenders. That urged multilateral
    lenders to profess assistance.

    The African Export-Import Bank, or Afreximbank, schedules to bring in $40 billion in funding over the next five years, while Africa Finance Corporation has similarly pledged to finance. Trade within the mainland of Africa, that sits at more than $350 billion a year, is anticipated to prosper by 52% in the next decade if sufficient assistance is
    provided to businesses, according to David Luke – Coordinator of the African Trade Policy Centre at the United Nations Economic Commission for Africa.

    The AfDB, held by 81 nations encompassing 27 non-regional members, said it’s targeting small and medium-sized companies, climate-friendly enterprises and women owned businesses for its various trade intervention establishments.

    Special awareness will be given to institutions in “low-income and transition countries, where international banks tend to have a limited risk appetite,” according to the lender.

    In Nigeria, it intends to give about $500 million in financing this year for new investment projects in food processing, housing and technology industries, in a recommendation to bolster infrastructure development in the mainland’s vastly populous countries.

     

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    For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent

    About the Author
    New Africa Business News Staff Correspondent
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    12 Comments

    1. Daniel October 12, 2021 at 3:03 am Reply

      Love my annual subscription with your online newspaper and the unlimited access to your reports, priceless. Thank you. Malmo in Sweden. Daniel

      • New Africa Business News, Staff Correspondent October 12, 2021 at 3:20 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    2. Ken October 12, 2021 at 3:06 am Reply

      Trade is getting easier in Afrika, thank to the free trade in Afrika. Nairobi Kenya. Ken

      • New Africa Business News, Staff Correspondent October 12, 2021 at 3:20 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    3. Lucy October 12, 2021 at 3:09 am Reply

      African development bank as always, putting Africa first. Great job. Luanda Angola. Lucy

      • New Africa Business News, Staff Correspondent October 12, 2021 at 3:19 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    4. Phillip October 12, 2021 at 3:13 am Reply

      Thank you for the daily newsletters. Hanover, Germany. Phillip

      • New Africa Business News, Staff Correspondent October 12, 2021 at 3:19 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    5. Lamine October 12, 2021 at 3:17 am Reply

      Journalist Bangura another great report. Thank you. Conakry in Guinea. Lamine

      • New Africa Business News, Staff Correspondent October 12, 2021 at 3:19 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    6. Luan October 12, 2021 at 3:26 am Reply

      Africa the best place to do business. Love the daily newsletters. Thank you. Lisbon, Portugal. Luan

      • New Africa Business News, Staff Correspondent October 15, 2021 at 4:05 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

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