African Export-Import Bank (Afreximbank) announces that the third Intra-African Trade Fair (IATF2023) held in Cairo in November witnessed the conclusion of business deals and transactions worth US$43.8 billion.
In final tallies released, the organisers of the continental event said that the amount represented the value of 426 deals across 21 sectors covering 52 countries.
At a press briefing to announce the results, Kanayo Awani, Executive Vice President in charge of Intra-African Trade Bank at Afreximbank, announced that 130 countries participated in the trade fair, which attracted 1,939 exhibitors and 28,282 participants both physically and through the IATF virtual platform.
One of the notable transactions included the Export Agriculture for Food Security Framework executed by several African countries (as Origin Countries) and ARISE Integrated Industrial Platforms, Arise IIP (as Anchor Investor) to which Afreximbank committed US$2 billion to boost production, processing, and intra-African trade in agricultural products and to provide African farmers and agribusinesses with opportunities to access larger markets across the continent.
Awani said the IATF had successfully established itself as the premier trade and investment event in Africa, with the unique capacity to increase intra-African trade and investment, especially in the context of implementing the African Continental Free Trade Area (AfCFTA) Agreement.
“Building on the successes of IATF2018 and IATF2021, I am proud to say that the buzz and energy generated by IATF2023 will be felt across Africa and beyond for many years to come. Together, we have explored new possibilities and opened new doors for a brighter future for our continent,” she said.
IATF2023 kicked off on 9 November and included an official opening ceremony, a Presidential Summit which was addressed by President Abdel Fattah Al Sisi of the Arab Republic of Egypt, a Trade and Investment Forum, the Creative Africa Nexus (CANEX), an African Auto Forum, AU Youth Entrepreneurship Programme, a Sub-Sovereigns Conference, a Diaspora Summit, an African Industrialization Week and an African Tourism Sustainability and Investment Forum. A series of side events were also held as part of the trade fair.
The next edition of the IATF will be hosted in 2025 by Algeria.