Intra-African Trade Fair Records $32.6 billion in Concluded Deals
Media Contact: Obi Emekekwue (oemekekwue@afreximbank.com; Tel. +202-2456-4238)
Afreximbank President Prof. Benedict Oramah speaking during the closing of the IATF in Cairo
Cairo, 18 Dec. 2018: – Deals valued at $32.6 billion dollars were recorded at the inaugural Intra-African Trade Fair (IATF) which ended in Cairo yesterday, according to preliminary figures released by the African Export-Import Bank (Afreximbank).
Afreximbank, which organized the trade fair in collaboration with the African Union and had it hosted by the Government of Egypt, said that the amount represented the value of 100 deals concluded during the fair. That number might rise as it did not include some bilateral deals among exhibitors which had not been recorded.
The Bank said that the majority of the deals were in sectors of industrialization/export manufacturing ($6.2 billion); power ($6 billion); and financial services ($1.86 billion). Other key sectors included oil and gas; transport and logistics; heavy industry; mining; infrastructure; healthcare; and SME promotion.
The preliminary report also showed that there was a total of 1,086 exhibitors at the fair, with 45 countries having country pavilions. Five hundred and eighty-four companies were accommodated in country pavilions while 375 were in private sector stands. The creative industries had 36 participating exhibitors.
In addition to operating country pavilions, Egypt and Nigeria also had special country days which allowed them to enjoy a dedicated day during which they organized special programmes to showcase the business and investment opportunities in their countries.
The IATF2018 Conference, which ran alongside the trade fair, featured 42 sessions with 152 speakers.
The Virtual Trade Fair platform, which operated during the fair, attracted 700 total registrations, with the rooms being accessed more than 7,000 times and product information and market resources on the platform accessed or downloaded about 2,000 times. About 300 booths have been built on the platform, which will remain active after the IATF.
The creative industries component of IATF2018 featured six workshops and also attracted six mural artists. It also featured eight mini runway shows and an event called “Fashionable Loud” which was a major attraction attended by many visitors.
The IATF2018, which ran from 11 to 17 December, was aimed at promoting trade among African countries and at supporting the implementation of the African Continental Free Trade Agreement.
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About Afreximbank: The African Export-Import Bank (Afreximbank) is the foremost pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade. The Bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors. Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations. Since 1994, it has approved about $60 billion in credit facilities for African businesses, including about $8.5 billion in 2017. Afreximbank had total assets of $11.9 billion as at 31 December 2017 and is rated BBB+ (GCR), Baa1 (Moody’s), and BBB- (Fitch). The Bank is headquartered in Cairo. For more information, visit: www.afreximbank.com
