…sets headquarters in Harare
The board of the Africa Import-Export Bank {Afreximbank) on Thursday announced that it has institutionalised the Intra-African Trade Fair (IATF) as an independent entity with $28 million and its permanent headquarters in Harare, Zimbabwe, after four successful editions and nearly eight years of existence.
The announcement was made by Benedict Oramah, President of Afreximbank, at the ongoing IATF 2025 in Algiers, Algeria.
Oramah said he was convinced that the IATF had become a solid platform that could stand the test of time and it was therefore necessary to institutionalise the initiative to lessen the burden on Afreximbank and its collaborating partners, the African Union Commission and the AfCFTA Secretariat.
He expressed satisfaction that the Advisory Council had approved Harare as the new headquarters of the independent IATF entity, while commending all the countries that bid to host the organisation for their effort and sportsmanship. He congratulated the Government of Zimbabwe for presenting a strong bid and urged it to work closely with the Advisory Council to quickly establish the IATF as a sustainable institution in Harare.
He revealed that the Board of Afreximbank had approved an initial capitalisation of 28 million US dollars for the institution. While stressing that the IATF would strive for financial sustainability, he appealed to African governments, corporations, and financial institutions to support the organisation during its formative years. He praised Afreximbank’s Intra-African Trade Group and the IATF Committee, led by Kanayo Awani, executive vice president of Afreximbank, describing her as the pillar on which the project has stood. Oramah also acknowledged the contributions of Reed Exhibitors, Brand Communications, Red Flag, and other service providers for their role in delivering successful events, while paying special tribute to Pixy Konner for supporting the bank during the challenging first edition in 2018.
Read also: Obasanjo, global leaders to declare Afreximbank’s IATF2025 open today
According to Oramah, the Intra-African Trade Fair, through its four editions since 2018, has proven to be a strong platform for launching ideas, forging continental and global partnerships, unlocking critical funding, and opening up unprecedented market opportunities.
He described the IATF as a rallying point for Africa’s economic independence, creating opportunities for Africans regardless of background. He said it has given young people the platform to dream big, noting that Africa’s main challenge was never a lack of talent comparable to global giants such as Bill Gates, Mark Zuckerberg, or Steve Jobs, but a lack of capital and a cohesive market to support innovation. With IATF, he explained, Africa is witnessing green shoots of change as new unicorns emerge and young innovators gain visibility and support across the continent.
Oramah cited examples of the impact of the platform since 2018. He recalled how the Tanzanian government signed a contract at the first IATF with Egyptian contractors, Arab Contractors and El-Sewedy Electric, for the Rufiji dam project worth 2.9 billion US dollars, after international financiers shunned it. Afreximbank arranged guarantees and funding with a consortium of Egyptian and Tanzanian banks, and the project today stands as the largest intra-African EPC project financed solely by African financial institutions, enabling Tanzania to achieve electricity self-sufficiency, support industrialisation, and reduce flood risks.
He highlighted the story of Ndubisi Arinze Eze, chief executive officer of Aerial Industries Pte. Ltd, a Nigerian innovator who gained access to IATF through the Tony Elumelu Foundation. Eze was discovered by Singaporean investors at the 2018 fair and now designs and produces drones that are revolutionising agriculture globally, with sales across Asia, the Middle East, Africa, and South America. He also pointed to IATF 2021, where Comoros Island signed a deal with El-Sewedy Group to develop the landmark Galawa Hotel Project, reviving the site of the country’s former legendary hotel. Afreximbank provided financing, enabling the development of a world-class five-star resort on the island.
At the 2023 edition, Afreximbank signed a 450 million US dollar Global Credit Facility with ARISE Integrated Industrial Platforms (ARISE IIP) Limited to finance industrial parks and Special Economic Zones in Malawi, Nigeria, Côte d’Ivoire, the Democratic Republic of Congo, Sierra Leone, and Chad. The facility is also supporting commodity purchases and trade-related operations, including logistics, processing, and insurance. Another significant outcome of IATF 2023 was the €12 million deal by SAMAPECHE, a medium-sized enterprise in Mauritania, which enabled it to build a fish processing factory, expand storage capacity by 3,000 metric tonnes, and add three boats to its fleet. The investment increased the company’s export business to African and non-African destinations by over 65 percent.
Oramah said that the examples of transformational projects and businesses that emerged from IATF since its inception confirm its role as a catalyst for Africa’s economic transformation. He stressed that the institutionalisation of the IATF as an independent entity with its headquarters in Harare marks a new phase in building a sustainable platform for Africa’s trade, investment, and innovation.
