Afreximbank to set up minerals development financing – Elombi

The newly inaugurated President of the Africa Export Import Bank (Afreximbank) Dr. George Elombi says the Bank will set up an initiative to finance solid minerals development as part of continued efforts to ensure that Africa that trades with itself and thrives on its own terms. A statement by the Bank quoted Elombi, stating that […]

The newly inaugurated President of the Africa Export Import Bank (Afreximbank) Dr. George Elombi says the Bank will set up an initiative to finance solid minerals development as part of continued efforts to ensure that Africa that trades with itself and thrives on its own terms.

A statement by the Bank quoted Elombi, stating that the structure of global trade was unfavourable to Africa and, therefore, had to change as it was too dependent on the export of commodities, saying: “Our mission is, therefore, to transform the structure of that trade. To change the structure, we must process. We must produce. Unless we produce, we cannot trade.”

Elombi announced that over the next five to ten years, the bank will prioritise sectors he believed would have the most significant and sustained impact on Africa’s trade and wellbeing, including promoting and accelerating value addition and strategic minerals processing to curb the export of raw potential.

“Afreximbank will, therefore, create a new, high-impact financing window, specifically for projects that process raw minerals into semi-finished goods or finished goods.

“We will establish a Strategic Minerals Development Programme to finance entire value chains, from extraction and refining to manufacturing finished components, capturing much more value here at home and creating high-skilled jobs for our people.”

Elombi added that Afreximbank would prioritise the deepening of intra-African trade and regional integration as the success of its value addition agenda would ultimately depend on its ability to secure markets for the goods produced.

“We will intensify efforts to break down trade barriers, strengthen cross-border infrastructure, and foster seamless movement of goods, services, people, and capital across our continent,” he said.

“Afreximbank will, therefore, continue to play a catalytic role in the implementation of the African Continental Free Trade Agreement (AfCFTA) by driving forward key programmes and initiatives developed over the past decade and by introducing new, targeted interventions, where necessary, to accelerate progress.”

Other priorities outlined by Mr Elombi include catalysing and building critical trade-enabling infrastructure; leveraging innovation and digital technology, including exploring the creation of a Pan-African Digital Currency; strengthening financial integration and innovation across the continent; and mobilising global African capital.,” the statement further outlined.