.Introduces $1b maritime logistics support scheme
The African Export-Import Bank (Afreximbank) is intensifying its efforts to invest in African port infrastructure and support local vessel ownership, aiming to facilitate smoother intra-African trade.
The Acting Director of Trade Facilitation and Intra-African Trade Bank (IATF) at Afreximbank, Dr Gainmore Zanamwe disclosed this while addressing members of the African Shipowners Association (ASA) and other stakeholders during a quarterly webinar recently.
Zanamwe outlined the Bank’s strategy to address critical challenges in Africa’s maritime sector, including congested, shallow ports, and insufficient technology.
Zanamwe emphasised the need for expanded port facilities, particularly warehouses, to streamline goods aggregation and distribution to their final destinations.
He highlighted Afreximbank’s collaboration with the African Continental Free Trade Area (AfCFTA), the Maritime Organisation of West and Central Africa (MOWCA), and other maritime organisations to advance this goal.
Zanamwe emphasised that there is a need for warehouses to aggregate goods and efficiently move them to their destinations, noting that the bank is committed to working with key partners to address these bottlenecks and modernise Africa’s port infrastructure.
He disclosed Afreximbank’s commitment to boosting local shipbuilding and vessel ownership, which is a central part of the bank’s approach.
Zanamwe announced that the Bank would extend financial support to African shipowners, enabling the continent to manufacture and own vessels, thereby reducing dependence on imported ships.
“We should be able to build vessels in Africa and work with AfCFTA to create a framework for this, implementing policies that address current challenges in the maritime sector,” he added.
According to him, Afreximbank has already allocated millions of dollars to support the maritime sector, including a submarine facility to help African businesses acquire or build vessels.
Also, the bank is working to engage African investors through its Africa Direct Investment (ADI) programme, encouraging local investments in the maritime sector.
“There are enough willing investors in Africa, and we need to create the right environment for ADI,” Zanamwe said.
He also stated that to improve trade logistics, Afreximbank has launched the Africa Trade Distribution Company (ATDC), a continent-wide organisation that will establish strategically located warehouses at key ports to support product aggregation and distribution.
Zanamwe said that the bank plans to create intra-African maritime routes to move goods efficiently from South Africa to Egypt or from Morocco to Namibia.
Zanamwe shared that the Bank also introduced an African Collaborative Strategy Guarantee Scheme aimed at reducing logistics costs.
According to him, this scheme, supported by a $1 billion strategic board, will facilitate goods movement across the continent and lower trade expenses.
He said Afreximbank has piloted a container guarantee in East Africa, which could become a critical tool for improving trade efficiency.
Zanamwe added that through these initiatives, Afreximbank aims to transform Africa’s maritime sector, fostering a stronger local economy and enhancing the continent’s position in global trade.