Cairo, Sept. 3, 2023 – The African Export-Import Bank (Afreximbank) has signed a formal agreement for the acquisition of land for the new administrative capital of African Trade Centre (NAC-TAC)
The administrative headquarters of NAC-ATC will be located in Afreximbak headquarters along with other trade-supporting facilities and entities in Egypt.
The agreement provides for a complex that includes a conference centre, a hotel, an exhibition centre, an innovation hub and retail facilities.
The agreement was signed by Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, and Mr. Khaled Mahmoud Abbas, Chairman of the Board and Managing Director of the Administrative Capital for Urban Development Company.
The NAC-ATC is being developed as a “landmark mixed-use modern futuristic iconic one-stop-shop business complex with broad intra-African trade character and appeal” to position Egypt as the trade and investment gateway to Africa.
In addition to providing an integrated centre for trade information, trade services, trade finance and other trade facilitation services to African businesses, the NAC-ATC will bring together African and global trade ecosystems to create a powerful network that could be leveraged to explore business opportunities in those markets.
Speaking after the agreement signing, Oramah said that NAC-ATC was being constructed to serve as the headquarters of the network of trade centres being established by Afreximbank across Africa to cover the continent’s commercial capitals.
He expressed confidence that NAC-ATC would facilitate Egypt’s trade with, and investment in the rest of Africa and would have a significant impact on the country’s new capital city and on the Egyptian business community.
He said the centre would also host other export credit agencies, development financial institutions, Exim banks, trade and investment promoting entities.
Oramah said the the significance of the signing of the agreement on Aug.31, saying that the Bank’s Headquarters Agreement with the Government of Egypt was signed on the same date in 1994.
He expressed satisfaction that “with NAC-ATC we can now offer all our services under the umbrella of the ATC.”
Oramah said the construction of the centre would commence immediately and serve as a rallying point for the African diplomatic corps and would open the door for other entities to follow. (GBN)
