Africa needs $20 bn investment annually to upgrade railway sector

Prof. Benedict Oramah, President of Afreximbank has cited the huge demand for infrastructure in Africa and said that the continent needs investments of $20 billion per annum in the rail sector in order to bring it up to required level.

Prof Oramah has also indicated that Afreximbank’s role will be to find partners that would help it to deliver the necessary investment in Africa.

The President of Afreximbank made these known during a signing ceremony of an MoU with Russian Railways and the Russian Export Center (REC), in Moscow to agree to cooperate in implementing export and investment projects in the railway sector in Africa.

The signing of the MoU according Prof Oramah would enable Russia to begin to participate in the opportunities that existed in Africa.

The parties will cooperate by undertaking mutual consultations on export and investment projects in the railway sector abroad and by jointly developing project financing schemes in the sector.

Prof. Benedict Oramah. President of Afreximbank, signed the document on behalf of the Bank while Oleg Belozyorov, Director General of Russian Railways, and Andrey Slepnev, Director General of REC, signed for their respective organisations.

Mr. Slepnev described the signing of the MoU a demonstration of practical collaboration among the institutions and expressed confidence that it would bear fruit.

Russian Railways is reputed for developing and advancing technologies and techniques for effectively managing railway systems.

Afreximbank President Prof. Benedict Oramah (right) exchanges documents with Oleg Belozyorov, Director General Russian Railways (centre), and Andrey Slepnev, Director General of the Russian Export Center, following the signing of the MoU in Moscow

Intra-African Trade Fair exhibitor registrations hits over 1000

Exhibitor registrations for the Intra-African Trade Fair (IATF 2018) taking place in Cairo tomorrow has reached 1,054, surpassing the target of 1,000 exhibitors set by the organisers.

The trade fair, which is being organized by Afreximbank in collaboration with the African Union Commission and hosted by Egypt, is scheduled to take place at the Egypt International Exhibition Center, Cairo, from 11 to 17 December 2018.

Information released by Afreximbank showed that the registered exhibitors come from 41 countries and represent diverse sectors and industries, including agriculture, automotive, information and communication technology, construction, logistics, healthcare, pharmaceuticals, clothing and textiles, energy and power and entertainment.

More than 70,000 visitors are expected at the IATF 2018, which will provide exhibitors a platform to showcase their goods and services to buyers and sellers and offer opportunities for business-to-business exchanges. The Trade Fair will also provide access to $25 billion in trade finance for deals concluded at the event.

“We are encouraged by this resounding response and support received for the inaugural IATF,” said Prof. Benedict Oramah, President of Afreximbank. “We are expecting international exhibitors and visitors from as far afield as China, Russia and Indonesia”.

“With the overwhelming response to the trade fair, buyers and sellers will be spoilt for choice of the goods and services that will be on show over the seven days,” he stated, noting that exhibitors would be bringing the best that their countries had to offer.

Running alongside the trade fair will be the IATF 2018 Conference, which will address issues relating to trade facilitation, infrastructure and payments. The conference will identify key trade facilitation challenges, including standards, customs and transport-related non-tariff barriers that are affecting Intra-African trade and will explore practical ways of collaboration to address them. The conference will also showcase intra-African trade value-chains and opportunities for developing and deepening them.

As part of the trade fair implementation, Afreximbank has launched a Virtual Trade Fair (VTF) to provide continuity after the biennial IATF. Businesses that register on the VTF can exhibit their goods and services to a global audience of buyers and market players and to IATF participants. The VTF allows traders to conduct business-to-business deals, exchange market information and explore business relationships in African and global value chains during and after the IATF without necessarily being at the trade fair.

The Africa Trade Policy Centre; Afrochampions Initiative; International Trade Centre; and Pan-African Chamber of Commerce and Industry are partnering in the trade fair.

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