The African Export-Import Bank (Afreximbank) says it has opened a $2 billion financing facility for Cross River State and other African sub-sovereign governments to fund bankable projects capable of transforming their economies.
The Director, Trade Facilitation and Investment Promotion, Afreximbank, Dr Gainmore Zanamwe, disclosed this during a media briefing ahead of the 6th African Sub-Sovereign Governments Network Investment Conference (AfSNET 2026), scheduled to be held in Calabar from November 12 to 14.
Zanamwe said the facility was readily available to African governments, dismissing concerns that lack of funding was a major obstacle to development projects on the continent.
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“We have this facility ready to finance projects. Some people say funding is a problem. From Africa we say no. The $2 billion is there. Go and tell your people. You people in the media, go and tell people that money is there,” he said.
He said the bank would use the three-day conference to educate participating states on the requirements and procedures for accessing the facility.
According to him, the conference will also feature practical sessions on identifying, developing and packaging projects to meet the requirements of financial institutions and potential investors.
“How do you then access the funding? That’s what we’ll be telling everybody in the course of the next three days. We’ll be showing you how you can tap into the $2 billion to do your projects. We’ll make it very simple,” he said.
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He emphasised that access to the facility would depend on the quality and bankability of projects presented by the states, urging governments to develop clear economic visions and identify priority sectors before approaching investors.
Zanamwe explained that project development should begin with a clearly defined government vision, followed by the identification of two or three strategic sectors with the greatest potential to promote trade and investment
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