Afreximbank: Togo Signs Agreement to Establish FEDA

Thursday, 02 September 2021 16:24
Afreximbank: Togo Signs Agreement to Establish FEDA

(Togo First) - Togo recently acceded to the Agreement establishing Afreximbank’s Fund for Export Development in Africa (FEDA). This was revealed in a statement issued by the Bank on Tuesday, August 31.

Togo signed the Agreement alongside South Sudan. They joined Rwanda (which has ratified the Agreement), Mauritania, and Guinea as signatories.

According to Benedict Oramah, President of Afreximbank and Board Chairman of FEDA, the accession of Togo and South Sudan gives the entity international recognition.

“The recent accessions to the FEDA Establishment Agreement by the Republic of Togo and the Republic of South Sudan and the ratification by the Republic of Rwanda is a demonstration of the growing momentum and support for FEDA as a new multilateral development platform, which will play a critical role in promoting industrialization, export development, and Intra-African trade, Oramah declared.

FEDA’s goal is to “support the expansion of industrial infrastructure and promote intra-African trade.”  It also aims to finance businesses operating key industries and sectors to better achieve Afreximbank’s development priorities.

 Esaïe Edoh

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