eBusiness Weekly
Business Writer
PAN African multilateral financial institution, Afreximbank, has signed a Memorandum of Understanding with the Export-Import Bank of the United States (U.S. EXIM) to enhance trade between Africa and the United States of America.
The MoU also aims to expand commercial engagements of the African Diaspora community in the United States towards facilitating transactions critical to the economic growth between Africa and the US.
On account that Zimbabwe, is one of the countries on the continent with the largest number of the diaspora community around the world including the United States, entails that the country is poised to benefit from the latest initiative by the two financial institutions.
“The two banks will support trade and economic integration in Africa and across a broad range of trade-enabling sectors, including helping to revive and strengthen the African aviation sector.
“Both parties will also facilitate trade and investments in healthcare, power, digitisation, agriculture, and agro-processing, and transportation infrastructure, including rail and road projects, as well as investments in renewable energy projects, most importantly, scaling support for industrial development across the African continent,” said Afreximbank in a statement.
Afreximbank president and chairman Professor Benedict Oramah, and his counterpart U.S. Exim Ms Reta Jo Lewis, signed the MoU on the sidelines of the recently held U.S -Africa Leaders Summit, in Washington DC.
Afreximbank and U.S. EXIM will also cooperate with other U.S. departments and agencies through the Prosper Africa initiative, a U.S. trade and investment initiative which aims to increase trade and investment between the U.S. and African countries.
The Prosper Africa initiative also targets other organisations, businesses, and investors from the African Diaspora community in the U.S.
“With the signing of this memorandum of understanding, we move from intentions to action and set the stage for our two institutions to serve as anchors for a renewed, vibrant U.S.-Africa trade and investment relationship,” Prof Oramah was quoted as saying.
