Afreximbank and ECIC initiates $1 billion programme to boost trade between South Africa and other African countries

The African Export-Import Bank (Afreximbank) in collaboration with the Export Credit Insurance Corporation of South Africa SOC Limited (ECIC) on Tuesday, launched the South African-Africa Trade and Investment Promotion Programme (SATIPP) in Johannesburg, South Africa. The $1 billion financing programme will help promote and expand trade and investments between South Africa and other African countries.

Benedict Oramah, President of Afreximbank while addressing business people, media and stakeholders who attended the signing ceremony,  said that the joint initiative would support businesses through capacity building and market information initiatives and would help small and medium-sized entrepreneurs to join regional supply chains.

Under the terms of SATIPP, Afreximbank and ECIC will work together to identify, prepare and appraise trade transactions and projects; explore co-financing and risk-sharing opportunities; and share knowledge, with particular emphasis on intra-African trade matters, through technical cooperation, staff exchange, research and joint events.

Oramah further said that the programme will also provide advisory services and guarantees to South African investors seeking trade and investment opportunities in Afreximbank African member countries. The initiative also provides a platform for the realization of Afreximbank’s strategic objectives in line with its strategy, IMPACT 2021: AFRICA TRANSFORMED, which prioritizes intra-African trade, industrialization and export manufacturing. It also aligns with South Africa’s strategic goal of expanding trade with the rest of Africa.

“We realise that one of the best ways to enhance our exporting capabilities as a country is by intensifying mutually beneficial trade with the rest of the continent,” said Kutoane Kutoane, CEO of ECIC, said.

The ceremony also served as a platform to introduce and discuss the Intra-African Trade Fair (IATF) being organised by Afreximbank in Cairo, Egypt, from 11 to 17 December 2018. The Fair is being held in collaboration with the African Union and hosted by the Government of Egypt represented by the Export Development Authority on behalf of the Ministry of Trade and Industry.