AFREXIMBANK SIGNS AGREEMENT FOR AFRICAN TRADE CENTRE IN EGYPT

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Afreximbank, the African Export-Import Bank, has officially inked an agreement for the acquisition of land in Egypt’s new administrative capital in Cairo. This land will be utilized for the development of the New Administrative Capital African Trade Centre (NAC-ATC), which is set to house the bank’s headquarters and various trade-supporting facilities.

The complex, as outlined in the agreement, will encompass a conference centre, hotel, exhibition centre, innovation hub, and retail facilities. This ambitious project is designed to become a “landmark mixed-use modern, futuristic, iconic, one-stop-shop business complex with broad intra-African trade character and appeal.” Its overarching goal is to establish Egypt as the primary trade and investment gateway to Africa.

In addition to serving as an integrated centre for trade information, services, finance, and other facilitation services for African businesses, the NAC-ATC aims to bring together African and global trade ecosystems. This network will enable leveraging of business opportunities across these markets.

President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah, emphasized that the NAC-ATC is part of a larger network of trade centres being established by Afreximbank across Africa. These centres will cover the continent’s commercial capitals, promoting intra-African trade.

The signing of this agreement, which took place on August 31st, holds historical significance for Afreximbank. On the same date in 1994, the bank signed its Headquarters Agreement with the Government of Egypt. With the commencement of construction of the NAC-ATC, this development is expected to serve as a pivotal hub for the African diplomatic corps and invite other entities to participate in its mission.

 

 

 

 

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