The African Export-Import Bank (Afreximbank) and the International Trade Centre (ITC) have renewed and expanded their memorandum of understanding (MoU), signaling a deepened commitment to bolstering intra-African trade and empowering the continent’s small and medium-sized enterprises (SMEs).
The agreement, signed on the sidelines of the recently concluded Intra-African Trade Fair (IATF2025), is set to drive key initiatives that will enhance private sector competitiveness and market access.
According to a statement from Afreximbank on Thursday, the renewed partnership will focus on promoting SME competitiveness, strengthening capacity building for the African Continental Free Trade Area (AfCFTA), and expanding trade partnerships with the Caribbean and Arab regions. A core component of the agreement is increasing access to finance for businesses, particularly for smaller firms.
Afreximbank President Prof. Benedict Oramah commented that the MoU would “expand Africa’s creative industries, deepen South-South cooperation with the Caribbean, and strengthen AfCFTA’s private sector impact.”
ITC Executive Director Ms. Pamela Coke-Hamilton, emphasized the commercial value of the partnership, stating, “Our long-term partnership with Afreximbank is one built on strengthening the way Africa engages with the rest of the world in terms of trade. With our expanded partnership, we will continue to work together to make trade easier, more accessible and less costly across the continent, for all African businesses, including the smallest and those led by women and youth.”
The announcement was made against the backdrop of a highly successful IATF2025, which saw an impressive US$48.3 billion in trade and investment deals signed over seven days.
Historically, despite deep cultural and historical ties, trade between Africa and the Caribbean has been minimal. A recent study by the ITC and Afreximbank revealed that bilateral trade between the two regions has never exceeded 6% of their total exports.
However, The two organizations are working to unlock an estimated $2.1 billion in new export potential over the next five years.
With recent research indicating a potential for this trade to reach US$1.8 billion per year by 2028, a significant increase from the current value of US$729 million.
This collaboration between Afreximbank and ITC aims to build on this momentum, ensuring that the benefits of such trade agreements translate into tangible growth for African enterprises.
