Strengthening Intra-African Trade and Industrial Development
The African Export–Import Bank (Afreximbank) has officially inaugurated the headquarters of its Fund for Export Development in Africa (FEDA) in Kigali, Rwanda. The landmark event, held at the Radisson Blu Hotel and Kigali Convention Centre, was attended by more than 150 guests, including senior government officials, diplomats, and business leaders.
FEDA was created to address Africa’s US$110 billion annual financing gap for intra-African trade, value-added export development, and industrialisation. Rwanda became the first country among fifteen African nations to ratify the fund’s establishment agreement—marking a major step in advancing the continent’s financial self-reliance and economic integration.
Rwanda’s Leadership in Africa’s Economic Vision
In his keynote speech, Right Honourable Dr. Edouard Ngirente, Prime Minister of the Republic of Rwanda, praised the initiative as a vital contribution to Africa’s long-term growth:
“The establishment of FEDA in Rwanda reflects our commitment to not only fostering economic development within our borders but also to playing a pivotal role in the economic transformation of our continent,” he said. “This initiative is a step closer to achieving the goals of the African Union’s Agenda 2063, which emphasises industrialisation and accelerated economic growth.”
Dr. Ngirente also underscored that despite Africa’s abundant resources and market potential, intra-regional trade remains the lowest in the world, and the continent continues to capture minimal value from its exports due to limited local processing and value addition.
Building Africa’s Own Capital Base
Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, described FEDA as a key driver in building Africa’s domestic capital base for development:
“FEDA adds to the pool of institutions helping Africa to create its own capital base for development,” said Oramah. “By providing long-term, patient capital for sectors such as value addition, services, and technology, FEDA is poised to drive Africa’s transformation along a de-commoditised and growth-oriented path.”
He revealed that just four years after beginning operations, FEDA’s Funds Under Management have reached US$800 million, with initiatives underway to mobilise additional investment capital. The Fund is also co-promoting a US$500 million Africa Credit Opportunity Fund (ACOF) and developing a US$100 million Venture Capital Fund to support start-ups and SMEs.
FEDA’s Expanding Role in Africa’s Growth Agenda
Marlene Ngoyi, Chief Executive Officer of FEDA, and members of FEDA’s Board joined the celebration alongside representatives of the African Union and other regional economic bodies.
In 2023, FEDA was appointed Fund Manager of the US$1 billion AfCFTA Adjustment Fund, further reinforcing its central role in facilitating Africa’s trade and industrial transformation.
The inauguration in Kigali symbolises a new chapter in Africa’s pursuit of self-sustained growth, providing the financial architecture to support innovation, investment, and value addition across the continent.
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