Afreximbank has reaffirmed its commitment to advancing the African Continental Free Trade Area (AfCFTA) by backing key reforms in tariff liberalisation, infrastructure development and logistics.
All the reforms it said were seen as central to unlocking the continent’s border markets.
Speaking at a panel discussion at the on-going Intra-African Trade Fai here yesterday on the topic: “Unlocking the potential of border markets: Enhancing cross-border trade, infrastructure, and regional integration in Africa,” Mrs Helen Brume, Director and Global Head of Project and Asset-Based Finance, Afreximbank, said the three pillars were “critical to making the AfCFTA a reality”.
“Afreximbank is not only supporting tariff liberalisation but also driving investment into infrastructure and logistics to create an environment where goods, services and people can move more freely,” Mrs Brume said.
Her remarks were echoed by Demitta Chinwude Gyang, Head of Customs Cooperation, Trade Facilitation and Transit at AfCFTA, who pointed to Afreximbank’s $70 million investment in upgrading the Beitbridge border post – one of Africa’s busiest crossings between Zimbabwe and South Africa.
“This intervention has reduced crossing times from 65 hours to just 13 hours, created 3,000 jobs of which 65 per cent went to women, and transformed livelihoods in the surrounding areas,” Ms Gyang said.
“Beitbridge demonstrates what a successful public-private partnership can achieve,” she said.
Beyond infrastructure, Afreximbank has launched several initiatives to ease the cost and complexity of regional trade.
Its Pan-African Payment and Settlement System (PAPS) allows businesses to trade in local currencies, reducing dependence on foreign exchange and stabilising African currencies.
In addition, the Bank has partnered to create a $1 billion transit guarantee scheme.
Previously, moving goods across several countries required separate bonds for each jurisdiction.
The new scheme enables a single bond to cover all participating states, significantly cutting both transport times and costs.
According to Ms Gyang, scaling up such solutions and harmonising customs processes remain essential to AfCFTA’s success.
“Customs harmonisation is the heartbeat of cross-border trade. Without it, integration cannot move forward,” she said.
With project finance, guarantees, advisory services and capital market solutions in its toolkit, Afreximbank signalled that it is ready to sustain momentum behind AfCFTA and the continent’s wider integration drive.
Organised by Afreximbank in collaboration with the African Union Commission (AUC) and AfCFTA Secretariat, the Intra-African Trade Fair (IATF) is intended to provide a unique platform for facilitating trade and investment information exchange in support of increased intra-African trade and investment, especially in the context of implementing the AfCFTA.
FROM DAVID ADADEVOH, ALGIERS
