Africa: Afreximbank Signs Land Acquisition Agreement for African Trade Centre in Egypt

The African Export-Import Bank (Afreximbank) has taken a significant step forward by signing a formal agreement for the acquisition of land to establish the New Administrative Capital African Trade Centre (NAC-ATC) in Egypt’s new administrative capital, Cairo. This monumental initiative will serve as the future headquarters for Afreximbank, alongside various trade-supporting facilities and entities.

The agreement encompasses a comprehensive complex featuring a conference center, a hotel, an exhibition center, an innovation hub, and retail facilities. The signing ceremony was attended by Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, and Mr. Khaled Mahmoud Abbas, Chairman of the Board and Managing Director of the Administrative Capital for Urban Development Company, at the Egyptian Ministry of Foreign Affairs.

The NAC-ATC is envisioned as a “landmark mixed-use modern futuristic iconic one-stop-shop business complex with broad intra-African trade character and appeal.” Its strategic location is poised to establish Egypt as a pivotal trade and investment gateway to the African continent.

In addition to serving as an integrated hub for trade-related services, including trade information, trade services, and trade finance, the NAC-ATC will foster collaboration between African and global trade ecosystems. This interconnected network will create a powerful platform for exploring business opportunities across diverse markets.

Prof. Benedict Oramah highlighted that the NAC-ATC is part of a broader initiative to establish a network of trade centers across Africa, covering the continent’s commercial capitals. He expressed confidence that the NAC-ATC will play a pivotal role in facilitating Egypt’s trade and investment activities with the rest of Africa. Moreover, it is expected to have a profound impact on Egypt’s new capital city and its business community. The center will also accommodate other export credit agencies, Development Financial Institutions, Exim banks, and trade and investment promotion entities.

The significance of the agreement’s signing on August 31st is noteworthy, as it aligns with the anniversary of Afreximbank’s Headquarters Agreement with the Government of Egypt, signed on the same date in 1994. This underscores the enduring commitment to advancing trade and economic development in Africa.

With the construction of the NAC-ATC set to commence promptly, it is poised to become a central hub for the African diplomatic corps and a catalyst for attracting other entities to participate in this transformative endeavor. This initiative represents a major milestone in enhancing intra-African trade and positioning Africa as a key player in the global marketplace.