For smooth take off and sustenance of the African Continental Free Trade Area (AfCFTA), the President of the African Export-Import Bank (Afreximbank), Prof Benedict Oramah, on Monday in Niamey, said the bank was instituting a $1-billion adjustment facility to enable countries adjust in an orderly manner to sudden significant tariff revenue losses as a result of the implementation of the agreement.
He made the disclosure when he addressed the 12th Extraordinary Summit of African Union (AU) Heads of State and also announced a series of initiatives to support the implementation of the agreement.
Oramah said: “This facility will help countries to accelerate the ratification of the AfCFTA,” he said, urging the heads of state that, by starting the operational phase of the AfCFTA, “you have started a movement.”
“You must not look back,” He said. The Afreximbank boss added“This movement is now unstoppable.”