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African Ministers applaud AFREXIM bank

Afrexim bank is an African solutions bank that needs support - Experts

Dikarabo Ramadubu BG Reporter

Africa’s Ministers of youth have applauded AFREXIM Bank for promoting and supporting the development of the creative economy on the continent through the Creative Africa Nexus ( CANEX) programme.

The second CANEX and AFREXIM bank activities is one of the resolution that the Ministers have endorsed and will at a later stage be part of the Agenda for the Heads of Government summit, where it will be executed.

The Ministers have also invited and called upon member states to attend and participate in the 3rd Edition of CANEX at IATF2023 taking place in Cairo, Egypt between 9- 15 November 2023, by supporting participation of creatives from member states through exhibition, performance and attendance.

Further, they encourage member states to adopt film- audio visual tax incentive policies to support the development of the sectors, which also foster economic growth in tourism, infrastructure investment, as well as hospitality services.

Member States are encouraged to develop policies that foster the protection of African intellectual property in order to catalyse a sustainable commercialisation of intellectual property on the continent.

The Ministers further advocate for Member States to support the construction of industrial parks in special economic zones in order to develop the clothing and textile sector through increased production capacity.

However, what is coming out from the Addis Ababa meetings is that experts and their political heads differ in terms of the approach the AU has adopted.

Experts who spoke on conditions of anonymity told Botswana Guardian that although the AFRIXIM bank is a good initiative, as lines of credit in global bodies exclude Africa. The argument is that for as long as Africa does not mobilise her own resources, it would be left behind because the likes of IMF, World Bank put stringent measures and conditions for many to access loans from them.

They argue that the Afrexim bank is one African solution bank that needs the support that is required. What is also critical is for Africans to push towards expediting productivity in selected economic zones.

For example, Botswana has set aside economic zones, one such is the Airport City in Gaborone. “But it has stalled over the years with little progress. This needs to be addressed to move away from intentions to real activity and productivity.”

The experts also welcome the launching of the Connect for Culture Africa Project, which the Ministers have taken note of and requested the AUC and member states to support SELAM’s Connect for Culture Africa ( CfCA) 2023- 2027, a Pan- African project on the promotion of the creative economy of the continent.

The e- Connect for Culture Africa Project works closely with the AUC in the advocacy for the implementation of the Assembly Decision AU/ Dec. 772 on the allocation of one percent of national budgets to the arts, culture heritage and creative industries sectors by 2030.

It has been tried and proved itself worthy in Ghana and Uganda. The programme brings young people together and connects them in business in line with the Africa Continental Free Trade Area.

BG NEWS

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2023-06-09T07:00:00.0000000Z

2023-06-09T07:00:00.0000000Z

https://enews.mmegi.bw/article/281668259373045

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