{"id":33085,"date":"2019-07-09T11:56:04","date_gmt":"2019-07-09T10:56:04","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=33085"},"modified":"2019-07-09T11:56:04","modified_gmt":"2019-07-09T10:56:04","slug":"bank-backs-afcfta-with-1b","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/bank-backs-afcfta-with-1b\/","title":{"rendered":"Bank Backs AfCFTA With $1b"},"content":{"rendered":"

The African Export-Import Bank (Afreximbank) says it is providing one billion dollars grant to African countries to support the implementation of the Agreement for the African Continental Free Trade Area (AfCFTA).<\/p>\n

In a statement by Afreximbank\u2019s spokesman, Mr Obi Emekekwue, the bank\u2019s president said this to the African Heads of States at the 12th Extraordinary Summit of African Union (AU).<\/p>\n

The President of the bank, Prof. Benedict Oramah, told the Heads of States, that the facility was to enable countries adjust to sudden significant tariff revenue losses as a result of the implementation of the agreement.<\/p>\n

Oramah said the bank will also provide aid for the work being done by the African Regional Standards Organisation and the AU in implementing the agreement.<\/p>\n

Oramah also informed the summit of the launch of the Pan-African Payment and Settlement System (PAPSS).<\/p>\n

He described the PAPSS as the first continent-wide payment digital system focused on facilitating payments for goods and services in intra-African trade in African currencies.<\/p>\n

\u201cWe launched the Africa-wide digital payment infrastructure, PAPSS, which was developed in collaboration with the African Union.<\/p>\n

\u201cIt is a platform that will domesticate intra-regional payments, save the continent more than 5 billion dollars in payment transaction costs per annum.<\/p>

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\u201cIt will also help to formalise a significant proportion of the estimated 50 billion dollars of informal intra-African trade, and above all, contribute to boosting intra-African trade,\u201d he said.<\/p>\n

Oramah said that making it possible for Africans to pay for intra-regional trade in their local currencies will aid in the development of African economies.<\/p>\n

\u201cOur goal is to reduce, significantly, the foreign currency content of intra-African trade payments.<\/p>\n

\u201cNo people have achieved meaningful development when their economic progress depends on others.<\/p>\n

\u201cIn trying to boost trade and investment, it is imperative that we address the economic costs of effecting so many payments in scarce foreign exchange.<\/p>\n

\u201cMaking cross-border payments easier, cheaper and safer is an obvious critical step in creating an Africa we want,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

The African Export-Import Bank (Afreximbank) says it is providing one billion dollars grant to African countries to support the implementation of the Agreement for the African Continental Free Trade Area (AfCFTA).<\/p>\n","protected":false},"author":6,"featured_media":33086,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17,624],"tags":[5103],"coauthors":[2391],"class_list":["post-33085","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","category-politics","tag-afcfta"],"yoast_head":"\nBank Backs AfCFTA With $1b - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/bank-backs-afcfta-with-1b\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank Backs AfCFTA With $1b - 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