Business
African Banks Urged To Resolve Skills Technical Limitations
To compete with the rest of the world, African banks must resolve its skills gap and overcome its technical limitations, Mona Omar, the Assistant Foreign Minister for African Affairs in Egypt, has said.
Omar made the remarks on Tuesday in Cairo, Egypt,at the opening of the African Export-Import Bank’s (Afreximbank) Annual Seminar/Workshop on the Fundamentals of Structured Trade Finance,
The ambassador said that recent developments in the global financial environment meant that African banks must continuously introduce innovative financial products and services to meet the needs of their clients.
She said that the innovations would enable African banks to effectively play the role of financial intermediaries.
According to her, it is against this background that Afreximbank is contributing to enhance the capacity of African banks to play their intermediation roles.
She said that the aim of the workshop was to enable African banks contribute to the socio-economic development of the continent.
Jean-Louis Ekra, the President of Afreximbank, said that there had been a sustained improvement in the structuring capacities of African banks as a result of the past seminars/workshops.
Ekra said that Afreximbank had seen an increasing quality in the deal structures proposed by its trade finance intermediaries that participated in previous seminars.
“We have also seen a continued deepening of business relationships amongst banks that participated in our programmes,” Ekra said.
According to him, growing business relationships and partnerships among the banks have enhanced information sharing on best practices in the financing of viable trade and project ventures across the continent.
“Some partner banks in different countries had pooled their expertise to structure complex trade and project finance deals on the back of structuring capabilities acquired through the seminar/workshops,” he said.
About 80 senior bankers and participants from other African financial institutions are taking part in the three-day training which will end on November 7.
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