African Export-Import Bank (Afreximbank) has signed a Memorandum of Understanding (MoU) 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, signed by Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, and Reta Jo Lewis, Esq., President, and Chair of U.S. EXIM, on the sidelines of the U.S.-Africa Leaders Summit, in Washington DC, also includes the expansion of commercial engagements of the African Diaspora community in the U.S. towards facilitating transactions critical to the economic growth of both the U.S. and Africa.
Under the MoU, 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.
The parties will also facilitate trade and investments in healthcare, power, digitization, 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.
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 organizations, 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”, Oramah said.
He added: “As the political actors from the U.S. and Africa renew their commitments to a stronger alliance in today’s fractured world, our two institutions must convert the political intentions into concrete business, trade, and economic gains for the expectant African and American people. The time to act is now! By entering this MoU with U.S. EXIM, Afreximbank is helping to open wide that window of opportunity.”
U.S. EXIM President and Chair Reta Jo Lewis commented: “The partnership that U.S. EXIM and Afreximbank are undertaking today is very much part of the Administration’s commitment to revitalizing partnerships and collaboration with Africa. And the MOU that we are signing today is (i) To partner with Afreximbank in an effort to create economic opportunity and job creation in Africa and the United States and (ii) To “Engage America’s African Diaspora,” a source of strength who maintain close familial, social, and economic connections to the continent.”