Egypt-based African Export and Import Bank (Afreximbank) has challenged local traders to make the most of its Africa Trade Exchange (Atex) financing facility to bolster intra-Africa trade and increase exports to Caribbean markets.
Afreximbank Senior Manager responsible for Digital Marketing Solutions Annerose Ngemu made the call last week on the sidelines of a breakfast engagement with local businesses.
The event was organised by FDH Bank, which has a $10 million financing facility under the Africa Trade Exchange (Atex).
Ngemu said Malawi has vast potential to compete with regional peers in trade.
“It is an end-to-end trading ecosystem. So what we are looking at is activating economic activities, not only for Malawi but all member states. We will activate a lot of activities which will then translate into the desired value.
“For businesses, it is about the ability to do more because we are now giving businesses in Malawi an opportunity to connect with other businesses in other African countries and other regions,” she said.
She said local businesses will have access to Afreximbank-initiated African Trade Exchange, a global marketplace that is ensuring convenient and transparent trade by connecting verified importers and exporters, ultimately enhancing trade efficiency and reducing costs.
He said the facility also offers SMEs an opportunity to connect with local and international importers and exporters while fostering valuable relationships and paving the way for partnerships.
Speaking on the sidelines, FDH Bank Managing Director Noel Nkulichi said the facility brings convenience to businesses.
He said through the facility, the bank lifts the burden of need for collateral for SMEs when accessing financing.
“We expect that SMEs and the corporates are going to use the facility to the fullest and enjoy the economies of scale.
“We want to disburse $10 million worth of guarantees and we believe that we should be able to cover all the SMEs, including the corporates, and we should be able to meet their requirements,” Nkulichi said.
