JOHANNESBURG - President Cyril Ramaphosa has promised that a signing ceremony on Wednesday is good news for African trade.
South Africa has become a full shareholder in the Africa Export-Import Bank known as Afreximbank.
At the same time the bank has loaned South Africa $11 billion or $175 billion Rand to boost industry.
Afreximbank is an African multinational financial institution that provides financing to African governments and businesses aimed at growing trade.
Ramaphosa believes the country's membership of Afreximbank will improve the prospects of success.
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“South Africa’s accession to the Africa Export‑Import Bank affirms our commitment to African industrial development and to deepening trade, investment and development across the continent,” Ramaphosa said.
He said the partnership will strengthen the country’s ability to support exporters, industrial projects and regional value chains.
“It will help to ensure that our participation in African and global trade is sustained, resilient and developmental,” the President said.
Political Economist, Lebohang Pheko said while the partnership was good news, there was still a lot of work to be done for African trade.
“There’s a lot of work to be done and a lot of harmonisation and rationalisation that needs to happen. It’s not as simple as building as building a railway from Cape to Kairo. It also includes understanding and rationalising our agricultural produce and how things are weighed in different countries.”