Afrieximbank calls on Africa to mobilise its own resources

The African Export-Import Bank (Afrieximbank) has called on African countries to start mobilising their own resources to finance their development agendas, said bank president, Jean-Louis Ekra.

Speaking ahead of the Afrieximbank’s annual general meeting held over the weekend, Ekra said Africa had a lot of financial resources “which could go a long way in enhancing development if properly harnessed”.

He cited pension funds, as well as capital markets, as some of the local sources of domestic funds that could be exploited to finance Africa’s development agenda.
Ekra also commented that the volatility in commodity prices on the international market should give African countries an opportunity to intensify efforts in diversifying their economies.

He added that it was “unfortunate” that many African countries were still depending on the export of raw materials which had not done much to improve the economies of the countries.