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Calls to shift intra-African trade to local currencies intensify as consensus build

Calls to shift intra-African trade to local currencies intensify as consensus build

AFREXIMBANK is set to expand a local currency trade initiative, the Pan-African Payments and Settlement System or PAPSS, beyond its early adopters in order to provide greater financial autonomy to African traders. This follows the successful pilot of PAPSS, billed as a project to advance intra-continental commerce transactions in local currencies, in nine countries. Afreximbank President Benedict Oramah, speaking at the 30th anniversary of Afreximbank in Accra, announced that the roll-out of PAPSS would enable the conversion of all African and Caribbean currencies on the continent. "Very soon, we will be able to domesticate all intra-Africa payments and extend the…
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Afreximbank approves $2 bln for African nations to secure COVID-19 vaccines

Afreximbank approves $2 bln for African nations to secure COVID-19 vaccines

THE African Export-Import Bank (Afrexim) has approved $2 billion to support the acquisition of COVID-19 vaccines for African countries, its president announced yesterday. The African Union initially secured 270 million COVID-19 vaccine doses from manufacturers for member states. In January, it was announced that the bloc would receive another 400 million doses of the AstraZeneca vaccine. President Benedict Oramah told CNBC Africa Television the Afrexim board has approved the funds and that it was seeking to raise more funds for vaccine acquisition. He said that the 270 million doses will only cover around 15% of Africa's population, far short of…
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