The African Export-Import Bank (Afreximbank) and the East African Business Council (EABC) have signed an agency agreement aimed at connecting East Africa’s exporters and small and medium-sized enterprises (SMEs) to the Africa Trade Gateway (ATG).
The agreement, which expands access by the exporters to regional and continental markets under the African Continental Free Trade Area (AfCFTA), was signed at the inaugural East Africa CEO & Investment Forum in Nairobi.
It will see EABC serve as a trade corridor partner for Afreximbank’s digital trade platform, helping businesses across the region connect with buyers, suppliers, financiers and other trade-support services.
The partnership is expected to strengthen East African participation in intra-African trade by linking businesses to the East African Community’s common market of more than 300 million people and the wider AfCFTA market of 1.3 billion consumers.
Under the arrangement, EABC will support the onboarding of companies onto the platform while continuing to provide guidance on AfCFTA opportunities, rules of origin, tariff concessions, customs procedures and export requirements.
Afreximbank Executive Vice President for Global Trade Bank, Haytham El Maayergi said many African businesses continue to face challenges identifying trusted trading partners and accessing the services needed to conduct cross-border trade.
“The Africa Trade Gateway is designed to bridge that gap by connecting businesses with trusted buyers, suppliers, financial institutions and the services they need to turn opportunities into real transactions,” El Maayergi said.
“By leveraging the trusted networks and digital services available through the Africa Trade Gateway, businesses can build meaningful connections, unlock new opportunities and participate more actively in Africa’s growing digital economy.”
EABC chief executive Ahmed Farah said the partnership would help East African enterprises access business-to-business matchmaking opportunities and trade finance solutions needed to expand their presence in African markets.
“As a trade corridor partner for the Afreximbank Africa Trade Gateway (ATG), EABC is connecting enterprises to the ecosystem, enabling access to business-to-business matchmaking and trade finance solutions that can facilitate intra-African trade under the AfCFTA.”
Launched in 2023, the ATG has expanded to more than 45 African countries and connects trade-support institutions, commercial banks and thousands of verified companies through a single platform offering trade finance, payments, compliance, logistics and market intelligence services.
JN/APA