eBusiness Weekly
Business Writer
The recently held Intra-African Trade Fair (IATF2023) exceeded targets with recorded deals worth up to US$43,8 billion.
The trade fair held in Egypt attracted 130 countries including Zimbabwe, which attracted 1,939 exhibitors and 28,282 participants who attended physically and through the IATF virtual platform.
In final tallies released in Cairo, the organisers of the continental event said that the amount represented the value of 426 deals concluded in 21 sectors covering 52 countries.
At the trade fair, which was held last month, Zimbabwe’s Exodus and Company penned a US$141 million with the trade financing institution – African Export-Import Bank (Afreximbank).
Denys Denya, executive vice president, finance, administration and banking services, signed for Afreximbank while Progress Mambo, chief executive officer, signed for Exodus and Company.
Afreximbank also signed an agreement with Central Africa Building Society (CABS), Zimbabwe’s largest building society, to provide a US$40 million line of credit to help build capacity among hundreds of small and medium enterprises (SMEs).
Signed by Denya, representing Afreximbank and CABS managing director Mehluli Mpofu, the agreement is for three years and is aimed at fostering the growth of the SME sector by supporting productive sectors, such as agriculture, manufacturing and mining.
Speaking at a press conference to announce the results of the fair, Kanayo Awani, Executive Vice President (Intra-African Trade Bank) at Afreximbank, also announced that 130 countries participated in the trade fair.
One of the notable transactions included the Export Agriculture for Food Security Framework executed by several African countries (as Origin Countries) and ARISE Integrated Industrial Platforms, Arise IIP (as Anchor Investor) to which Afreximbank committed US$2 billion to boost production, processing and intra-African trade in agricultural products and to provide African farmers and agribusinesses with opportunities to access larger markets across the continent.
Awani also said that the IATF had successfully established itself as the premier trade and investment event in Africa, with the unique capacity to increase intra-African trade and investment, especially in the context of implementing the African Continental Free Trade Area (AfCFTA) Agreement.
“Building on the successes of IATF2018 and IATF2021, I am proud to say that the buzz and energy generated by IATF2023 will be felt across Africa and beyond for many years to come. Together, we have explored new possibilities and opened new doors for a brighter future for our continent” she added.
IATF2023 started on November 09, and included an official opening ceremony, a Presidential Summit which was addressed by President Abdel Fattah Al Sisi of the Arab Republic of Egypt, a Trade and Investment Forum, the Creative Africa Nexus (CANEX), an African Auto Forum, AU Youth Entrepreneurship Programme, a Sub-Sovereigns Conference, a Diaspora Summit, an African Industrialisation Week and an African Tourism Sustainability and Investment Forum. A series of side events were also held as part of the trade fair.
