The African Export-Import Bank (Afreximbank) has allocated US$400 million to bolster Zimbabwean-based firms seeking to expand their operations across the African continent. This development, disclosed during the SADC Industrialisation Week (SIW) investment conference in Harare, aims to support the emergence and growth of pan-African corporates.
Denys Denya, Afreximbank’s executive vice president, emphasised the bank’s pivotal role in facilitating market entry for leading corporations across Africa. Highlighting past successes, Denya pointed to notable projects such as Aliko Dangote’s cement initiatives in Ghana and Tanzania, the Econet Group’s continental expansion, and Arab Contractors’ ventures in East Africa.
“I am pleased to announce that we have set aside US$400 million for Zimbabwean-based pan-African corporates who aspire to venture into the continent,” Denya revealed. “We recognise the fragmented nature of production systems in the region, which is why our initiative focuses on supporting the expansion and export trading capabilities of companies to aggregate products for export markets.”
Denya underscored the critical nature of this support in bridging substantial gaps in trade and market information, particularly within key sectors like agriculture. The bank has already disbursed US$3.5 billion to export trading companies operating in countries such as Tanzania, Malawi, Zambia, and Zimbabwe, thereby integrating agriculture into both regional and global value chains.
The announcement comes at a time when the African Continental Free Trade Area (AfCFTA), to which Zimbabwe is a signatory, is opening up broader markets. The AfCFTA aims to eliminate tariffs on 90 percent of goods traded between member states over the next decade, with the objective of fostering regional economic integration and boosting intra-African trade by 53 percent by next year. The agreement holds the potential to create up to 30 million jobs and elevate 30 million people out of poverty.
During the conference, Minister Ndhlovu urged investment promotion agencies within the Southern African Development Community (SADC) to leverage the opportunities presented by the SADC Industrialisation Week and Investment Conference. He called for a concerted effort to attract high-quality investments into the region, addressing the formidable challenge of enhancing economic growth and development.
As Africa edges closer towards greater economic integration, initiatives like Afreximbank’s US$400 million allocation are instrumental in driving the continent’s industrialisation agenda, thereby reinforcing its competitive edge in the global marketplace.
