The African Export-Import Bank (Afreximbank) has announced the successful sealing of trade and investment deals amounting to $43.7 billion at the recently concluded Intra-African Trade Fair (IATF2023) held in Egypt. Kanayo Awani, Executive Vice-President of Afreximbank, shared this information during a Post-Event Virtual News Conference in Cairo on Tuesday.
The achieved $43.7 billion in trade and investment deals surpassed the initial projection of $43 billion, showcasing the significance and effectiveness of the trade fair in fostering economic collaborations across the continent.
Awani revealed that the IATF2023 attracted 1,939 exhibitors from 45 African countries and 16 non-African countries. Notably, 42 out of the 45 represented African countries had pavilions at the event, underscoring the broad participation and engagement.
In terms of attendance, both in-person and virtually, the event recorded a total of 28,282 participants. The number of exhibitors was initially announced as 1,615, but after a comprehensive audit, the figure was adjusted to 1,939.
Awani emphasized the role of the IATF2023 as a significant platform for accessing finance, stating, “We were aware that the contracts that were being negotiated had to be financed in one form or the other. As Afreximbank, we ensured that financial institutions and non-banking financial institutions were part of the trade fair to provide the necessary financing and expand access to finance on the continent.”
She highlighted that the IATF goes beyond promoting intra-African trade; it serves as a platform for financial institutions to enhance access to finance, reinforcing its multifaceted impact on economic growth and development across the continent.
