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IATF 2023: $43bn trade, investment deals sealed in Egypt, says Afreximbank

IATF 2023: $43bn trade, investment deals sealed in Egypt, says Afreximbank
November 29
08:24 2023

The African Export-Import Bank (Afreximbank) says trade and investment deals valued at $43.7 billion were sealed at the just concluded Intra-African Trade Fair (IATF2023) held in Egypt.

Kanayo Awani, Afreximbank’s executive vice-president of Intra-African Trade Bank, disclosed this on Tuesday, at a post-event virtual news conference held in Cairo, Egypt.

Awani said the $43.7 billion worth of trade and investment deals sealed was against the projected figure of $43 billion, describing the event as a success.

She said the IATF 2023 attracted no fewer than 1,939 exhibitors, with 45 African countries represented.

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Out of the 45 countries represented, according to the vice-president, 42 had pavilions — a development she described a remarkable achievement.

She said 16 non-African countries were also represented at the trade conference, bringing the total number of countries to 61.

“We did promise to come back and give you conclusive key indicators after doing the necessary audits,” Awani said.

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“In terms of participants of attendance both in-person/virtual, we ended up with 28,282.

“In terms of the number of exhibitors, I think we had announced 1,615 at the close of the trade fair but following our audit, it was 1,939. We had actually targeted 1,600.”

Awani said by the bank’s estimation and standard set, this year’s IATF event was a huge success because they exceeded many of their parameters.

She said the trade fair was a platform used to connect buyers and sellers, adding that the bank was aware that the contracts that were being negotiated had to be financed in one form or the other.

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“As Afreximbank, we ensured that financial institutions and non-banking financial institutions were part of the trade fair to provide the necessary financing and expand access to finance on the continent,” Awani said.

The vice-president said the IATF event is not just a platform to grow intra-African trade but an avenue “for banks to grow access to finance.”

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