The African-Export Import Bank (Afreximbank) and South Africa-based Thelo DB Proprietary Limited yesterday in Johannesburg, South Africa, signed a memorandum of understanding (MoU) to develop, finance and operate railway projects in Africa.
Under the terms of the MoU, signed on the sidelines of the ongoing Africa Investment Forum, Afreximbank and Thelo DB will collaborate to support the modernisa- tion of the continent’s railways as a catalyst to promoting trade, investment and economic skills development, recognising the urgent need for implementation of efficient and effective transportation and logistics solution in Africa, with particular emphasis on the freight railway sector.
Speaking during the signing ceremony, Prof. Benedict Oramah, President of Afreximbank, described the event as timely, given that the continent was in the process of operationalising the African Continental Free Trade Area agreement. According to him, it is imperative that critical trade enabling infrastructure be put into place to facili- tate the flow of tradeable goods and services along Africa’s trade corridors. He noted that Afreximbank’s strate- gic plan, IMPACT2021, sought to dramatically improve intra-African trade.