Africa Export-Import Bank (Afreximbank) and the African Capacity Building Foundation (ACBF), have signed an agreement to support capacity development initiatives over a period of five years, ending in 2025.
The agreement signed by Professor Benedict Oramah, President of Afreximbank and Professor Emmanuel Nnadozie, Executive Secretary of ACBF, will see the two pan-African institutions contribute to capacity development for the implementation of the Africa Continental Free Trade Agreement (AfCFTA) encompassing knowledge-sharing, advocacy and promotion of trade and economic development in African Union’s member states.
Reflecting on the signing of the agreement, Prof. Oramah emphasized the need for African institutions to harness the power of collaboration to achieve maximum results in developing the African continent, particularly during and after the Covid era.
“African Capacity Building Foundation has proved to be capable and effective in its long-standing role as an agent for capacity development in Africa. We are confident that the collaboration we have just sealed with the foundation will make the necessary impact in various African states, and further advance the aspirations of Agenda 2063,” Professor Oramah remarked.
Prof. Nnadozie acknowledged the timely support by Afreximbank, saying it would enable the Foundation to continue its support to African countries faced with capacity challenges that have been exacerbated by the COVID-19 pandemic.
“We are truly inspired and appreciative of the support we continue to enjoy from Afreximbank. The impact we have made together as African Institutions is tremendous, and we look forward to contributing to the post-COVID-19 recovery of African economies through supporting and addressing their capacity needs during these trying times,” says Prof. Nnadozie.
The financial assistance follows the initial support provided by Afreximbank to ACBF some five years after the two institutions entered into a partnership to collaborate in strengthening human and institutional capacity to support intra-African trade, in contribution to the sustainable development of African countries.