Benedict Oramah, the President of the African Export-Import Bank (Afreximbank), said on Sunday the Afreximbank African Collaborative Transit Guarantee Scheme (AACTGS) “brings us closer to transforming our continent into a single, integrated market.”
The programme is a bold step towards improving the competitiveness of cross-border trade, Oramah said, adding that “we announce the historic issuance of the first-ever multi border transit bond in the continent.”
Oramah delivered on Sunday a keynote speech at the Intra-African Trade Fair 2023 (IATF 2023), noting that Afreximbank has earmarked $1 billion to support the scheme.
However, the Scheme is expected to accelerate cross border trade in Africa and save the continent about $300 million annually in transit costs, according to the President of Afreximbank.
“We will be signing a $30 million Container Guarantee Facility with BSMART System Solutions, which is another significant step forward in the realm of international trade and commerce,” he added.
