Source: Afreximbank urges Africa to pursue ‘economic sovereignty’ – herald
Business Reporter
The African Export-Import Bank (Afreximbank) will convene its 33rd Annual Meetings in El Alamein, Egypt, from 21 to 24 June 2026, with a call for the continent to harness internal capacities and accelerate industrialisation amid intensifying global turmoil.
The meetings, held under the theme “Intra-African Trade and Industrialisation: Pathway to Economic Sovereignty”, come against a backdrop of deepening geopolitical realignment, protectionism, and shifting economic alliances. The gathering is expected to draw heads of state, policymakers, private sector leaders, financial institutions, and international partners from across Africa and beyond.
Announcing the event, Afreximbank’s President and Chairman of the Board of Directors, Dr George Elombi, expressed appreciation to the Egyptian government for hosting the meetings and underscored the need for Africa to pivot towards self-reliance.
“For the past decade, Afreximbank has laid a solid foundation for intra-African trade to take off,” Dr Elombi said. “As we enter this new phase, we must prioritise the processing of goods to be traded under the Free Trade Agreement.”
He added: “With the current global turmoil, marked by policy uncertainty and intensifying geopolitical tensions, Africans must look inwards for solutions relevant to their challenges. We must wean ourselves off trade in commodities, expand investment in processing, build regional value chains, and consume our products to realise the growth and shared prosperity we want.”
The Governor of the Central Bank of Egypt, H.E. Mr Hassan Abdalla, affirmed Egypt’s commitment to advancing continental priorities, noting that the country’s strategic location and economic scale positioned it as a key driver of regional integration.
“At a time of increasing global uncertainty and shifting economic dynamics, Egypt’s strategic location and economic scale position it as a key driver of regional integration and advancing continental priorities,” Mr Abdalla said. “Hosting the AAM2026 in El Alamein reflects Egypt’s continued commitment to supporting African institutions in strengthening intra-African trade and advancing the continent’s industrialisation and long-term economic transformation.”
The annual meetings will feature strategic dialogues aimed at identifying priority projects and actionable programmes to transform Africa’s trade structure. Organisers said the event would also serve as a platform for delegates to engage with high-level decision-makers, access capital, and structure partnerships around bankable projects across the continent.
Afreximbank, a pan-African multilateral financial institution headquartered in Cairo, has been a key backer of the African Continental Free Trade Area (AfCFTA) and has established a US$10 billion Adjustment Fund to support countries participating in the agreement. The Bank’s total assets and contingencies stood at over US$40, 1 billion as of December 2024.
The post Afreximbank urges Africa to pursue ‘economic sovereignty’ appeared first on Zimbabwe Situation.