The Mozambican Government has announced the authorization to the Minister of Economy and Finance, Adriano Maleiane, to sign the country’s accession to the African Import and Export Bank (Afrexim).
The minister received from the executive the approval to formalize the entry of Mozambique in that pan-African bank, according to the statement distributed at the end of the weekly session of the Council of Ministers,on tuesday august 20th.
Afrexim was created in 1993 by the African Development Bank (ADB) and has a registered capital of over $ 11 billion (€ 9.9 billion).
In July, Afrexim President Benedict Oramah informed African Union Heads of State and Government that the bank will set up a $ 1 billion (€ 901.6 million) fund to support the implementation of the agreement for the creation of the free trade zone in Africa.
“This fund will help countries accelerate the ratification of AfCFTA” said Benedict Oramah in a statement, adding that by initiating the operational phase of the agreement “an unstoppable move has been initiated.”
The $ 1 billion fund is intended to support countries in adjusting for sudden and significant losses in revenue from customs duties, which are expected to be reduced and eliminated in the agreement.