Afreximbank Board also approved a grant funding in an amount of $10 million as seed funding to kick-start the establishment of the Base Fund.The general fund will be used to mobilise concessional funding, while the Credit Fund will be used to mobilise commercial funding that will be used to support the public and private sector including small and medium enterprises , youth and women to adjust to the new trading environment arising from the AfCFTA, the statement said.
“Afreximbank is delighted to have been appointed the Fund Manager of the AfCFTA Adjustment Funds following the extensive collaborative work it has done with the AfCFTA secretariat and the Africa Union Commission during the past few years,” Afreximbank President Benedict Oranah said.Oramah who is also the board chairman said the renewal of the $1 billion facility and the $10 million grant funding represents resounding entrustment by the board of directors of the efforts.
“The endorsement by the Afreximbank Board brings the continent closer to operationalising the AfCFTA Adjustment Funds before the end of 2022. We urge other development partners and financial institutions to provide additional resources required under the Adjustment Funds to support the implementation of the AfCFTA”, said Mr.
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