Afreximbank Working With African Union To Promote Continental Trade - Bank President

ADDIS ABABA (UrduPoint News / Sputnik - 10th February, 2019) The African Export-Import Bank (Afreximbank) is working with the African Union (AU) to introduce new mechanisms that will promote trade across the continent, Dr. Benedict Okey Oramah, president and chairman of the board of Directors, told Sputnik on the sidelines of the 32nd AU Summit on Sunday.�

"We are working with the African Union to introduce a pan-African payment and settlement platform, that will enable trade in most African countries in local currencies. We are also developing a trade information portal that will facilitate intra-regional trade," Oramah said.

The African Union, headquartered in the Ethiopian capital of Addis Ababa, is a continental union comprised of 55 member states, which aims to achieve regional integration and increase solidarity among all African countries.

Afreximbank was established in 1993 as a joint venture of African governments, African and non-African private investors and financial institutions in order to develop trade on the continent and outside of it.