Kanayo Awani, who was speaking during a presentation at the 2021 Intra-African International Fair (IATF), which takes place from 15 to 21 November in Durban, South Africa, said Angola was responsible for only 0.1 percent of the business generated in the previous edition of this event in 2018.
"In the previous fair, we closed deals worth 2 billion dollars and only 0.1 percent of this amount was related to Angolan companies. There is an opportunity, this year, to change that, so that Angolan businessmen do more business, are engaged and take advantage of these opportunities," said Awani to Lusa.
Afreximbank is working with African governments to help countries and the private sector manage any revenue losses from liberalizing and improving market access under the African Continental Free Trade Area (FTAA), an agreement entered into force earlier this year and which Angola has ratified.
The fund already has 1 billion dollars and the bank is working with partners to mobilize the remaining 7 billion dollars, added Kanayo Awani.
Afreximbank has also developed a collaborative circulation scheme to facilitate the movement of goods and goods, depositing only a flat fee instead of payment at each border crossing, and 1 billion dollars is planned to support this initiative across the continent.
The head of Afreximbank stressed that Angola is among the largest economies in Africa with a great wealth of natural resources, depending, however, like other African countries, on the export of raw materials such as oil.
"Dependence on external markets exposed Angola to global volatility and shocks in commodity prices", he stressed, noting that the country's location, as a gateway to southern and central Africa, is strategic, placing Angola in a position to take advantage of the FTAA and intra-African trade.
She also pointed out that the IATF is an opportunity to capture part of the expected 40 billion dollars in deals and investments that will contribute to supporting economic diversification and industrial development.
The second edition is expected to attract more than 1,000 exhibitors, more than 10,000 visitors, buyers and conference attendees from all 55 African countries and the rest of the world, according to Afreximbank.
In her intervention, Kanayo Awani also recalled that Afreximbank has already financially supported Angola with around 2 billion dollars through a series of interventions aimed at the public and private sectors.
It currently has a line of around one billion dollars to support various sectors of the Angolan economy that can benefit from opportunities in intra-African trade.
