Afreximbank pledges $2 billion to boost African county governments' role in trade

Afreximbank President Benedict Oramah (Centre) during the 5th African Sub-Sovereign Governments Network (AfSNET) conference. [Courtesy]

The African Export-Import Bank, known as Afreximbank, will provide $2 billion in financing to sub-national governments such as counties, states, provinces, and municipalities to help drive economic development and trade, its president said on Friday.

The move is aimed at addressing regional inequality and boosting cross-border commerce under the African Continental Free Trade Area (AfCFTA), a landmark agreement to create a single market for goods and services across 54 African nations.