Post by Trade Forum on Apr 15, 2022 14:03:16 GMT 1
African Development Bank (AfDB) Secures $15.6 Billion For Lagos-Abidjan Highway Corridor
The President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has announced that the bank has secured $15.6 billion for the construction of the Lagos-Abidjan highway corridor, which will greatly ease transportation stress across West Africa.
He made the disclosure on the 17th of March, 2022 during the African Investment Forum virtual boardroom closing session.
The AfDB president said, “The biggest deal for the boardroom is the $15.6 billion deal for the Lagos-Abidjan highway corridor. The 46-lane highway corridor will connect Lagos, Cotonou, Lome, Accra, and Abidjan.”
According to the president, this project will highly support trade in West Africa, impacting the lives of over 500 million people, reducing transport costs and increasing intra-regional trade volume.
“It will support 75% of the trade in the West African region. The project will impact the lives of over 500 million people. It will reduce transport costs by 48%. It will increase intra-regional trade volume by 15-25 per cent. It will connect landlocked cities to port countries,” he added.
The AfDB president also said that the Affirmative Finance Action for women in Africa has been critical in supporting women in Africa.
According to him, in 2021, the AfDB provided $450 million in support of women businesses in Africa and in 2022; the bank expects to provide $500 million in support of women-owned businesses.
He also said that the AfDB will be establishing a $1 million AFAWA women advisory facility to support women with advisory services.
In the same vein, Afreximbank, AfCFTA sign Agreement on Management of AfCFTA Adjustment Fund.
The African Continental Free Trade Area (AfCFTA) Secretariat and African Export-Import Bank (Afreximbank) signed an agreement on management of the Base Fund of the AfCFTA Adjustment Fund.
The agreement was signed by Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank and H.E Wamkele Mene, Secretary-General of the AfCFTA Secretariat, in Egypt last year.
The adjustment fund consists of a Base Fund, a General Fund, and a Credit Fund. The Base Fund will consist of contributions from state parties, grants and technical assistance funds to address tariff revenue losses as tariffs are progressively eliminated.
The Heart Of The Matter:
The AfCFTA Secretariat revealed that the fund will support African countries and the private sector to effectively participate in the new trading environment established under the AfCFTA.
It added that the resources required for the adjustment Fund over the next 5-10 years are estimated at US$10 billion, as Afreximbank already committed $1 billion towards the AfCFTA adjustment fund.
The General Fund will mobilize concessional funding, while the Credit Fund will mobilize commercial funding to support both the public and private sectors, enabling them to adjust and take advantage of the opportunities created by the AfCFTA.
H.E Wamkele Mene, Secretary-General of the AfCFTA Secretariat, stated that the Adjustment Fund is one of the tools designed to support the implementation of the AfCFTA state parties to deal with short-term tariff revenue losses.
“It will help them mitigate revenue losses and competitive pressures that may result from reduction in tariffs and liberalization of markets in order to tap into the opportunities of the AfCFTA. This is another important step towards the successful implementation of The Continental Free Trade Agreement.”
Professor Benedict Oramah, President and Chairman of The Board of Directors of Afreximbank, said “This adjustment Fund, which is taking shape, comes on top of the Pan African Payment and Settlement System (PAPSS), which was commercially launched on 13th January, 2022, in Accra.”
“We look forward to working with all development partners, development financial institutions, commercial banks, export credit agencies and other investors and strategic partners to mobilize resources for the Adjustment Fund to enable the continent implement the AfCFTA,” he said.
Our company is one of the best companies in Export and Importation businesses in Nigeria today, we train individuals and corporate organizations on how to do Export, Major and Mini Import business the right way; if you are interested, please contact the admin of this forum now.
The President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has announced that the bank has secured $15.6 billion for the construction of the Lagos-Abidjan highway corridor, which will greatly ease transportation stress across West Africa.
He made the disclosure on the 17th of March, 2022 during the African Investment Forum virtual boardroom closing session.
The AfDB president said, “The biggest deal for the boardroom is the $15.6 billion deal for the Lagos-Abidjan highway corridor. The 46-lane highway corridor will connect Lagos, Cotonou, Lome, Accra, and Abidjan.”
According to the president, this project will highly support trade in West Africa, impacting the lives of over 500 million people, reducing transport costs and increasing intra-regional trade volume.
“It will support 75% of the trade in the West African region. The project will impact the lives of over 500 million people. It will reduce transport costs by 48%. It will increase intra-regional trade volume by 15-25 per cent. It will connect landlocked cities to port countries,” he added.
The AfDB president also said that the Affirmative Finance Action for women in Africa has been critical in supporting women in Africa.
According to him, in 2021, the AfDB provided $450 million in support of women businesses in Africa and in 2022; the bank expects to provide $500 million in support of women-owned businesses.
He also said that the AfDB will be establishing a $1 million AFAWA women advisory facility to support women with advisory services.
In the same vein, Afreximbank, AfCFTA sign Agreement on Management of AfCFTA Adjustment Fund.
The African Continental Free Trade Area (AfCFTA) Secretariat and African Export-Import Bank (Afreximbank) signed an agreement on management of the Base Fund of the AfCFTA Adjustment Fund.
The agreement was signed by Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank and H.E Wamkele Mene, Secretary-General of the AfCFTA Secretariat, in Egypt last year.
The adjustment fund consists of a Base Fund, a General Fund, and a Credit Fund. The Base Fund will consist of contributions from state parties, grants and technical assistance funds to address tariff revenue losses as tariffs are progressively eliminated.
The Heart Of The Matter:
The AfCFTA Secretariat revealed that the fund will support African countries and the private sector to effectively participate in the new trading environment established under the AfCFTA.
It added that the resources required for the adjustment Fund over the next 5-10 years are estimated at US$10 billion, as Afreximbank already committed $1 billion towards the AfCFTA adjustment fund.
The General Fund will mobilize concessional funding, while the Credit Fund will mobilize commercial funding to support both the public and private sectors, enabling them to adjust and take advantage of the opportunities created by the AfCFTA.
H.E Wamkele Mene, Secretary-General of the AfCFTA Secretariat, stated that the Adjustment Fund is one of the tools designed to support the implementation of the AfCFTA state parties to deal with short-term tariff revenue losses.
“It will help them mitigate revenue losses and competitive pressures that may result from reduction in tariffs and liberalization of markets in order to tap into the opportunities of the AfCFTA. This is another important step towards the successful implementation of The Continental Free Trade Agreement.”
Professor Benedict Oramah, President and Chairman of The Board of Directors of Afreximbank, said “This adjustment Fund, which is taking shape, comes on top of the Pan African Payment and Settlement System (PAPSS), which was commercially launched on 13th January, 2022, in Accra.”
“We look forward to working with all development partners, development financial institutions, commercial banks, export credit agencies and other investors and strategic partners to mobilize resources for the Adjustment Fund to enable the continent implement the AfCFTA,” he said.
Our company is one of the best companies in Export and Importation businesses in Nigeria today, we train individuals and corporate organizations on how to do Export, Major and Mini Import business the right way; if you are interested, please contact the admin of this forum now.
