Intracontinental Commerce: Key to Development


Increased commerce between the countries of Africa is the key to the continent’s development: this is the message that the bankers and economists want to broadcast to the world at the conclusion of their meeting in Nairobi, Kenya. MISNA reports that according to the estimates of the African Union, intracontinental commerce amounts to 10-13% of the total volume of business transactions in Africa, as compared to 65% in Europe and 50% in Asia.

During the meeting, Denys Denya, Vice President of the African Export-Import Bank, said that “an increase in commerce is the only solution to sustainable development.” The African Export-Import Bank is present in 35 of the continent’s 54 countries. Its goal is to foster Africa’s commercial growth so as to benefit the people of this continent.