当前位置：新闻动态
Africa trade pact acquires US$1 billion to offset revenue losses
来源：Shipping News Headlines 编辑：编辑部 发布：2021/03/01 10:03:11
THE African Export-Import Bank has prepared US$1 billion for an adjustment facility to offset revenue losses for countries that lower cross-border tariffs that are a part of Africa-wide free trade area, reports London's Air Cargo News.
"We will be able to go to global capital markets and we will be able to go to development finance institutions to mobilise more resources, but at the moment, it is a fund of a facility of $1 billion," said African Continental Free Trade Area secretary general Wamkele Mene.
Mr Mene stated officials are making very good progress on the facility, with countries being able to draw on it before the end of the year.
The free trade area came to life on January 1. It aims to bolster intra-African trade by lowering and eliminating cross-border tariffs on 90 per cent of goods.
A World Bank report shows short-term tariff revenues would be less than 1.5 per cent for 49 out of 54 African countries. Total tax revenues are set to decrease by less than 0.3 per cent in 50 countries under the deal.
"We will be able to go to global capital markets and we will be able to go to development finance institutions to mobilise more resources, but at the moment, it is a fund of a facility of $1 billion," said African Continental Free Trade Area secretary general Wamkele Mene.
Mr Mene stated officials are making very good progress on the facility, with countries being able to draw on it before the end of the year.
The free trade area came to life on January 1. It aims to bolster intra-African trade by lowering and eliminating cross-border tariffs on 90 per cent of goods.
A World Bank report shows short-term tariff revenues would be less than 1.5 per cent for 49 out of 54 African countries. Total tax revenues are set to decrease by less than 0.3 per cent in 50 countries under the deal.