IATF2023 Achieves Milestone: Afreximbank Reports $43.7B in Trade and Investment Deals

InfoStride News reported that Afreximbank revealed trade and investment deals worth approximately $43.7 billion were successfully concluded at the recently concluded Intra-African Trade Fair (IATF2023) held in Egypt. The announcement was made by Kanayo Awani, Executive Vice-President of Intra-African Trade Bank, Afreximbank, during a Post-Event Virtual News Conference in Cairo.

Awani highlighted that the total value of the trade and investment agreements surpassed the anticipated figure of $43 billion, signaling a positive outcome for the event. She provided additional insights, noting that the IATF2023 attracted a significant participation of 1,939 exhibitors from 45 African countries and 16 non-African countries. Out of the 45 represented African countries, 42 had pavilions, showcasing a remarkable level of engagement.

The Afreximbank Executive went on to discuss the attendance figures, revealing that the event had a combined total of 28,282 participants, both in-person and virtual. Regarding the number of exhibitors, the initially reported count of 1,615 was revised to 1,939 after a comprehensive audit. Awani emphasized the significance of the IATF2023 as a vital platform for accessing finance, stating, “We were aware that the contracts that were being negotiated had to be financed in one form or the other.”

A key aspect of Afreximbank’s involvement in the trade fair was ensuring the participation of financial institutions and non-banking financial entities. This strategic move aimed to facilitate necessary financing and contribute to expanding access to finance across the African continent. Awani reiterated that the IATF serves not only as a catalyst for promoting intra-African trade but also as a platform for financial institutions to enhance access to finance.

In summary, the IATF2023, as reported by InfoStride News, emerged as a highly successful event, surpassing projected trade and investment figures. The substantial participation of exhibitors and attendees, coupled with the active involvement of financial institutions, underscores the event’s importance as a key driver for economic growth and financial access within Africa.