Afreximbank says about 43.7 billion dollars worth of trade and investment deals were sealed at the just concluded Intra-African Trade Fair held in Egypt.

Intra-African Trade Bank Executive Vice President, Afreximbank, Kanayo Awani, said this at the post-event virtual news conference in Cairo, Egypt, on Tuesday.

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

She said the third edition of the IATF 2023 attracted 1,939 exhibitors and 45 African countries represented.

Ms Awani said that of the 45 African countries represented, 42 had pavilions, noting that it was a remarkable achievement.

She said that 16 non-African countries were represented at IATF2023, bringing the total number of countries to 61.

She stated, “We did promise to come back and give you conclusive key indicators after doing the necessary audits. In terms of participants in attendance, both in person and virtually, 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.”

She said that by their own estimation and standard set, the IATF 2023 was a huge success because they exceeded many of their parameters.

Ms Awani said the trade fair was a platform used to connect buyers and sellers, saying they were aware that the contracts being negotiated had to be financed in one form or another.

She stated, “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.”

Ms Awani said that the IATF 2023 was a huge platform to access finance. ”The IATF is not just a platform to grow intra-African trade but a platform for banks to gain access to finance.”

The Afreximbank, working with the African Union and other strategic partners, inaugurated the Intra-African Trade Fair in 2018 as a key initiative to support the African Continental Free Trade Area.  

(NAN)