Benedict Oramah, the President of the African Export-Import Bank (Afreximbank), has announced the
launch of a $1 billion system for managing cross-border trade in Africa.

This came during the activities on the fourth day of the Intra-African Trade Exhibition, #IATF2023, hosted
by Egypt from November 9 to 15.

Oramah highlighted Afreximbank's system aimed at continental integration and economic prosperity,
enhancing competitiveness in cross-border trade.

He noted that since 2021, Afreximbank has partnered with the Common Market for Eastern and
Southern Africa (COMESA) to establish a bond-issuance system for an integrated market in Africa.
Oramah highlighted the significant time spent on developing this system and revealed that $200 million
is being allocated through COMESA.

Oramah anticipates $300 billion annual cost savings for Africa after implementing continental cross-
border bonds, with $30,000 allocated for innovations promoting trade and easing commodity
movement.

The #IATF2023, the third edition of the Intra-African Trade Fair, offers businesses access to the 1.3
billion-strong African market and $3.5 trillion GDP under the African Continental Free Trade Area.