The African Export-Import Bank (Afreximbank) and the East African Business Council (EABC) have signed the Africa Trade Gateway (ATG) Agency Agreement, aiming to connect enterprises in East Africa, including small and medium-sized enterprises (SMEs) and major exporters, to the 300-million-strong EAC Common Market and the wider AfCFTA market of 1.3 billion consumers through digital trade. This partnership was marked at the inaugural East Africa CEO & Investment Forum in Nairobi, Kenya. The agreement signifies a major milestone in the ongoing collaboration between Afreximbank and EABC.
The EABC has been actively promoting the digital ecosystem to its members and supporting their onboarding to the Africa Trade Gateway. By combining EABC's regional business network with ATG's digital trade services, businesses can find verified buyers and suppliers across Africa and beyond, access information on trading partners, and connect with finance and payment solutions. This collaboration enables EABC to join a growing network of trade-supporting institutions across Africa that work together to connect businesses with opportunities beyond their regional markets.
The partnership between Afreximbank and EABC is significant for East Africa and the continent at large, as it strengthens connections that will help more businesses expand across borders and capitalize on the opportunities created by the African Continental Free Trade Area (AfCFTA). According to Mr. Haytham El Maayergi, Executive Vice President – Global Trade Bank at Afreximbank, trade is built on connections, but many businesses face challenges in identifying trusted partners and accessing the right services to trade across borders.
The Africa Trade Gateway, launched in June 2023, is Afreximbank's flagship digital trade ecosystem that connects businesses, financial institutions, and trade partners across Africa and beyond. From a single integrated platform, it links businesses to trusted counterparties and trade-enabling services, including trade finance, payments, compliance, logistics, and market intelligence, to facilitate cross-border transactions. The platform now operates in more than 45 African countries.
The Africa Trade Gateway has made significant progress, connecting 45 trade-supporting institutions, 110 commercial banks, and 25,000 verified companies, with an opportunity pipeline of USD 4.5 billion across commodities, minerals, oil and gas, FMCG, and other African-made products. By consolidating the services trade requires, ATG helps businesses trade with greater confidence, efficiency, and scale.
According to Mr. Ahmed Farah, CEO of EABC, the council is empowering East African enterprises with knowledge on AfCFTA market opportunities, Rules of Origin, tariff concessions, customs procedures, and export requirements, complemented by tailored advisory support on market entry and export readiness. As a trade corridor partner for the Afreximbank Africa Trade Gateway, EABC is connecting enterprises to the ecosystem, enabling access to business-to-business matchmaking and trade finance solutions.
The partnership between Afreximbank and EABC is expected to create a virtuous cycle of opportunity and growth across the continent as more businesses successfully connect and trade. By leveraging the trusted networks and digital services available through the Africa Trade Gateway, businesses can build meaningful connections, unlock new opportunities, and participate more actively in Africa's growing digital economy.
Key points
- The partnership between Afreximbank and EABC aims to connect East African enterprises to the EAC Common Market and AfCFTA market of 1.3 billion consumers through digital trade.
- The Africa Trade Gateway has connected 45 trade-supporting institutions, 110 commercial banks, and 25,000 verified companies, with an opportunity pipeline of USD 4.5 billion.
- The partnership is expected to create a virtuous cycle of opportunity and growth across the continent as more businesses successfully connect and trade.
