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    African Export-Import Bank (Afreximbank), African Association of Automotive Manufacturers (AAAM) Signs Agreement to Drive Automotive Investment in Africa

    Posted On 21 Feb 2021
    By : New Africa Business News, Staff Correspondent
    Comments: 10

    By Richard Adorsu-

    Photo Credit: The Conversation

    NEW AFRICA BUSINESS NEWS (NABN) Accra, Ghana– The African Export-Import Bank (Afreximbank) and the African Association of Automotive Manufacturers (AAAM) entered into a Memorandum of Understanding (MoU) for the financing and promotion of the automotive industry in Africa.

    Benedict Oramah, President of Afreximbank and Mike Whitfield, President of AAAM and Managing Director of Nissan Africa, signed the MoU, formalizing the basis for a partnership aimed at boosting regional automotive value chains and financing for the automotive industry while supporting the development of enabling policies, technical assistance, and capacity building initiatives.

    ”The strategic partnership with AAAM will facilitate the implementation of the Bank’s Automotive programme which aims to catalyze the development of the automotive industry in Africa as the continent commences trade under the African Continental Free Trade Area (AfCFTA),” said Benedict Oramah.

    Under the terms of the MoU, Afreximbank and AAAM will work together to foster the emergence of regional value chains with a focus on value-added manufacturing created through partnerships between global Original Equipment Manufacturers (OEM), suppliers, and local partners. The two organizations plan to undertake comprehensive studies to map potential regional automotive value chains on the continent in regional economic clusters, in order to
    enable the manufacture of automotive components for supply to hub assemblers.

    To support the emergence of the African automotive industry, they will collaborate to provide financing to industry players along the whole automotive value chain. The potential interventions include lines of credit, direct financing, project financing, supply chain financing, guarantees, and equity financing, amongst others.

    The MoU also provides for them to support, in conjunction with the African Union Commission and the AfCFTA Secretariat, the development of coherent national, regional and continental automotive policies, and strategies. With an integrated market under the AfCFTA, abundant and cheap labour, natural resource wealth, and a growing middle class, African countries are increasingly turning their attention to support the emergence of their automotive industries.

    Therefore, the collaboration between Afreximbank and AAAM will be an opportunity to empower the aspirations of African countries towards re-focusing their economies on industrialization and export manufacturing and fostering the emergence of regional value chains.

    David Coffey, CEO of AAAM said, “The signing of the MoU with Afreximbank is an exciting milestone for the development of the automotive industry in Africa. At the 2020 digital Africa Auto Forum, the lack of affordable financing available for the automotive sector was identified as one of the key inhibiters for the growth and development of the automotive industry in Africa and having Afreximbank on board is a game changer and a hugely positive development. It is wonderful to have a partner that is as committed as the AAAM to driving the development and growth of our sector on the continent; this collaboration will ensure genuine progress for our industry in Africa.”

    Other areas covered by the MoU include working with the African Union and the African Organization for Standardization to harmonize automotive standards across the continent and developing an automotive focused training program for both the public and private sector.

     

    For New Africa Business News Richard Adorsu Reports,  Africa Correspondent

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    10 Comments

    1. Samuel February 21, 2021 at 1:06 am Reply

      Automobile Industrialization is the way to go. thank you for reporting. Samuel in Capecoast, Ghana

      • New Africa Business News, Staff Correspondent February 21, 2021 at 2:35 am Reply

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

    2. Nofoto February 21, 2021 at 2:33 am Reply

      Automotive investment in Africa is past over due. Africa’s auto industries should be prioritize. It could generate millions more job for the youths. Nofoto in Cape town, SOUTH AFRICA

      • New Africa Business News, Staff Correspondent February 21, 2021 at 2:34 am Reply

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

    3. Albert February 21, 2021 at 2:43 am Reply

      I like to congratulates, Journalist Richard for the Win. Monrovia, Liberia. Albert

      • New Africa Business News, Staff Correspondent February 21, 2021 at 2:45 am Reply

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

    4. Nobel February 21, 2021 at 2:53 am Reply

      Thank you for covering this. We in the continent have the know how to make our own automobiles. Let’s do it. Gaborone, Botswana. Nobel

      • New Africa Business News, Staff Correspondent February 21, 2021 at 2:55 am Reply

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

    5. Alfred February 21, 2021 at 2:57 am Reply

      Thank you for newsletters. Toronto Canada. Alfred

      • New Africa Business News, Staff Correspondent February 22, 2021 at 2:31 am Reply

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

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