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The Host Agreement Signing Ceremony for the Intra-African Trade Fair 2025 (IATF2025) took place in Algiers on 15 April 2024. The Ceremony, which was hosted by the African Export-Import Bank (Afreximbank) (www.Afreximbank.com), in collaboration with the African Union and the AfCFTA Secretariat, and the Government of the People’s Democratic Republic of Algeria, paves the way for the fourth edition of the Intra-African Trade Fair to take place from 4 – 10 September 2025 in Algiers, Algeria.

H.E. Chief Olusegun Obasanjo, Chairperson of the IATF2025 Advisory Council and Former President of the Federal Republic of Nigeria, extolled the Intra-African Trade Fair as the go-to trade and investment event on the African continent. He added that “the IATF2025 Hosting Agreement represents more than just a contractual agreement; rather it symbolises a collective responsibility of the partners for excellence and innovation in continuing the tradition of the Intra-African Trade Fair, which has become established as the AfCFTA Marketplace and the go-to trade and investment event on the African continent. The IATF is now a foremost event in the African calendar of economic, social, trade and even policy events. It is in the passionate pursuit of these goals that Afreximbank in collaboration with the African Union Commission and AfCFTA Secretariat are championing the noble cause of changing the socioeconomic landscape of Africa by devising progressive initiatives aimed at promoting intra-African trade and continental integration.”

Kanayo Awani, Executive Vice President, Intra-African Trade Bank, Afreximbank, said: “The Intra-African Trade Fair opens alternate routes for African trade. It has become the platform for actualising the AfCFTA vision. It expands and deepens knowledge of the continent’s trading environment and enhances the industrial capacity of African economies. Ultimately, IATF has become the engine accelerating trade and business flows within the continent. The last three fairs have generated combined trade and investment deals of no less than US$120 billion. To one who wonders what the US$120 billion represents, African businesses have found buyers in new markets across Africa, industries have found new sources of raw materials, investment and capital goods, government-to-government deals in critical sectors such as agriculture and agro-processing have been forged, and African contractors have won major government projects.” She also expressed her gratitude to the Government of the People’s Democratic Republic of Algeria for their unwavering commitment and support for the Intra-African Trade Fair.

A statement delivered on behalf of H.E. Wamkele Mene, Secretary-General, AfCFTA Secretariat described the importance of the Intra-African Trade Fair as “our strategic response to the challenge of trade information scarcity, aiming to enhance intra-African trade and investments, all without the need for outside help. And it serves as a symbol of hope and opportunity, breaking down conventional trade and investment barriers to unite the diverse yet cohesive African identity.“

A statement delivered on behalf of H.E. Ambassador Albert Muchanga, African Union Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, highlighted that other regions of the world have proved that “trade can be a powerful tool for economic growth. Whilst trade was able to lift millions out of poverty in those regions, the same has not reflected in Africa’s experience. Trade amongst African countries is low. The AfCFTA was designed to change this story. Not only was it meant to boost Intra African trade, but it was meant to deal with Africa’s perennial challenges of job creation, high levels of poverty and very low levels of manufacturing and industrial base. It was designed to create a predictable legal framework for trade and investment, hence offering more guarantees to investors thereby bringing certainty and predictability to the African trading environment.”

In his Closing Remarks, Jean-Louis Ekra, Former President of Afreximbank and Deputy Chairperson of the IATF2025 Advisory Council, praised “the power of African unity, shared purpose, and collective action towards a path taken to promote intra-African trade and investment. It is through our combined efforts that we can drive positive change, foster innovation, and create a better future for all the inhabitants of the African continent.”

The Ceremony was also attended by public and private sector institutions, African diplomatic corps, financial institutions, and trade and industry associations, and is intended to maximise awareness surrounding the upcoming IATF2025.

Attendees at the Signing Ceremony also had the opportunity to visit the Algerian Company of Fairs and Exports (SAFEX), which will be the venue for IATF2025.

The Intra-African Trade Fair is the African continent’s premier trade and investment event and provides a unique opportunity for exhibitors to showcase their goods and services, engage in Business to Business (B2B) and Business to Government (B2G) exchanges, network, establish new business contacts and conclude business deals. The event also gives delegates the opportunity to hear actionable insights from an array of experts on a wide range of trade and investment topics and opportunities at the IATF Trade and Investment Forum. The event also offers opportunities for participants from the Diaspora, creative industries including gastronomy and the culinary arts, to attend and showcase their goods, services and expertise. In addition, there will be training workshops covering exporting, standards and marketing.

Attendees at the IATF include businesses, buyers, sellers, traders and investors, captains of industry, senior government ministers, trade finance and advisory specialists, trade and economic organisations, senior executives from corporates and multinationals, innovative entrepreneurs and the media in one venue.

The highly successful third edition of the Intra-African Trade Fair (IATF2023) took place in Cairo, Egypt, from 9 – 15 November 2023, and attracted over 28,000 conference delegates, trade visitors and media, had 1,939 exhibitors from 130 countries, and witnessed US$43.8 billion of trade and investment deals being concluded.

For more information about IATF2025 please visit www.IntrAfricanTradeFair.com

Distributed by APO Group on behalf of Afreximbank.

Media Contact:
Mr Vincent Musumba
Manager, Communications and Events (Media Relations)
Email: press@afreximbank.com
Tel: +20 2 24564100 /1/2/3
Mobile: +201030121123

Ms Lynette Lambert
Senior PR Director
Brand Communications
Email: lynette.lambert@brandcommsgroup.com
Direct Number: +44 20 7012 8748

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About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of December 2023, Afreximbank’s total assets and guarantees stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. The Bank disbursed more than US$104 billion between 2016 and 2023. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”). The Bank is headquartered in Cairo, Egypt.

For more information, visit: www.Afreximbank.com

50000 Dollar incentive for Olympic Gold medal winner

Sports

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April 15, 2024

50000 Dollar incentive for Olympic Gold medal winner

In a landmark decision, World Athletics announced it will become the first international federation to award prize money at an Olympic Games, financially rewarding athletes for achieving the pinnacle of sporting success, starting at this summer’s Olympic Games in Paris.

A total prize pot of US$2.4 million has been ring fenced from the International Olympic Committee’s revenue share allocation, which is received by World Athletics every four years. This will be used to reward athletes who win a gold medal in each of the 48 athletics events in Paris with US$50,000.

This initiative by World Athletics also includes a firm commitment to extend the prize money at a tiered level, to Olympic silver and bronze medal winners at the LA 2028 Olympic Games.

When sharing details of the decision, World Athletics President Sebastian Coe commented: “The introduction of prize money for Olympic gold medallists is a pivotal moment for World Athletics and the sport of athletics as a whole, underscoring our commitment to empowering the athletes and recognising the critical role they play in the success of any Olympic Games.

“This is the continuation of a journey we started back in 2015, which saw all the money World Athletics receives from the International Olympic Committee for the Olympic Games go directly back into our sport.

The payment of prize money will depend upon the World Athletics ratification process, including athletes undergoing and clearing the usual anti-doping procedures. Each individual Olympic champion will receive US$50,000. Relay teams will receive the same amount, to be shared among the team.

Likina, Jemal & Hagos won 10km titles

Sports

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April 15, 2024

Likina Amebaw, Jemal Yimer, Hagos Gebrhiwet and Caroline Nyaga were among the winners as athletes descended on Paris for the Festival of Running ASICS Speed Race 5km and 10km events. Competition took place on an iconic 2.5km loop that started and finished at Palais-Royal in the shadow of the Louvre.

Ethiopia’s Likina Amebaw and Kenya’s Loice Chemnung both dipped under 30 minutes in the women’s 10km, with Amebaw clocking a PB of 29:56 to win and Chemnung finishing just one second behind her. They were joined by Kenya’s Miriam Chebet during the first half of the race but Chebet was unable to maintain the pace and finished third in 30:41.

Finishing fourth, Nadia Battocletti improved her own Italian record to 31:19.

She also voiced her ambition to return to Paris to compete in the No.1 Olympic sport at the Games in August.

“I have got to work hard, and I hope I will be at the Olympic Games,” she said. “Now I will get ready for the track competition.”

Less than three weeks after his Seoul Marathon win in a PB of 2:06:08, Ethiopia’s Yimer matched his 10km best, running 27:43 to win the men’s race, also by one second.

Kenya’s Hillary Kipkoech was runner-up in 27:44 and his compatriot Vincent Kibet was third in 27:48.

Ethiopia’s multiple world and Olympic 5000m medallist Gebrhiwet was racing a couple of weeks out from his African Games 5000m victory, which followed a 5km win in the rain at the Podium Festival in Leicester, UK. In Paris he won the men’s 5km in 13:24 ahead of Mohamed Ismael (13:32) and Adel Mechaal (13:34).

Tigist and Kipkosgei the winners in Milan

Sports

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April 15, 2024

Tigist and Kipkosgei the winners in Milan

Kenya’s Titus Kimutai Kipkosgei and Ethiopia’s Tigist Gebeyahu Memuye were the winners at the Wizz Air Milano Marathon – a World Athletics Label road race.

Tigist Memunye won the women’s race in 2:26:32 while Kipkosgei crossed the finishing line in 2:07:12 improving his PB by 34 seconds.. The race was held on a new loop course, with the start and finish in Piazza del Duomo.

In the women’s race, Ethiopia’s Fantu Gelasa Shugi and Kuftu Dadiso Tahir took an early lead and went through 10km in 33:27 with a 23-second margin over Memunye. Shugi surged away at 18km and reached the half-way mark in 1:10:34 with a gap of 26 seconds over Dadiso, while Memunye was a further 51 seconds adrift.

Shugi built a gap of almost two minutes over Memunye and reached 30km in 1:40:59, but her effort took its toll in the final stages of the race.

Sophy Jepchirchir from Kenya moved up into third, overtaking Dadiso at 30km. Then Memunye caught up Shugi at 39km and broke away from her compatriot in the final two kilometres before crossing the finish line in 2:26:32.

Jepchirchir moved past Shugi in the closing stages to finish second in a PB of 2:27:12. Shugi was third in 2:30:52.

“The win was totally unexpected,” said Memuye, who trains alongside world record-holder Tigist Assefa and world champion Amane Beriso. “I’m very happy with my performance. This is my come-back after a long break due to injury.”

In the men’s race, a large lead pack went through 10km in 29:57 and the half-way mark in 1:03:42.

Kwemoi surged away at 34km and held the lead until 37km when Kipkosgei caught him. Kipkosgei broke away from Kwemoi at 39km and held on to win in 2:07:12.

Kipchumba moved past Kwemoi at 40km to finish second in 2:07:36 with Kwemoi taking third place in 2:07:52.

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