The Afreximbank officially launched its domiciled Fund for Export Development in Africa (FEDA) in Kigali, on March 20, an impetus to the country's positioning as a financial hub and an active participant of intra-African trade.
The Afreximbank officially launched its domiciled Fund for Export Development in Africa in Kigali, on March 20, an impetus to the country's positioning as a financial hub and an active participant of intra-African trade.FEDA was established to tackle Africa's $110 billion financing gap for intra-African trade, value-added export development, and industrialization value chains.
He indicated that goods and services flow more rapidly to other continents, leaving untapped opportunities within Africa's backyards. This, he said, ought to change. Afreximbank has made equity investments amounting to over $50 million in Rwanda across multiple sectors ranging from transport and trade, logistics, and manufacturing, to agro-processing, and power generation.FEDA seeks to enable Africa to assume control of its financial system, and by providing equity funding, it equips African entrepreneurs with the capacity to acquire subsidiaries or foreign international banks exiting the continent.
Key sectors FEDA aims to focus on include agri-business, manufacturing, consumer and retail, financial services, technology, travel and tourism, transport and logistics, and industrial parks., Herbert Asiimwe, Head of Financial Sector Development at the Ministry of Finance and Economic Planning, said that having Afrexim's FEDA domicile the fund in Rwanda brings enormous benefits to the country.
"We offer equity-like instruments tailored to finance businesses and all stages of development from startup to mature enterprises as well as make investments in critical sectors such as telecommunication, energy, agro, processing, and refactoring industrial parks," she said.
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