The African Export-Import Bank (Afreximbank) and the African Association of Automotive Manufacturers (AAAM) have entered into a memorandum of understanding (MoU) for the financing and promotion of the automotive industry in Africa. “The strategic partnership with AAAM will facilitate the implementation of the bank’s automotive programme, which aims to catalyse the development of the automotive industry in Africa as the continent commences trade under the African Continental Free Trade Area (AfCFTA),” says Afreximbank president Professor Benedict Oramah.
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