[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”grid” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” z_index=”” background_color=”#ffffff” padding_top=”30px” padding_bottom=”30px”][vc_column][vc_column_text css=”.vc_custom_1620689900523{padding-top: 2vw !important;padding-right: 2vw !important;padding-bottom: 2vw !important;padding-left: 2vw !important;}”]Border closure between Cameroon and Chad
Following the death of Chad’s president, Idriss Deby, the border between Chad and Cameroon has been tightened sharply due to threats from armed groups. At least 700 trucks bound for Chad’s capital have had to delay crossing as movement between the two countries has been halted for around a week. Chad relies on Cameroon for 80 percent of its imports. Only goods essential to humanitarian services and healthcare have been allowed to cross the border. Read more about the situation here.
Steps made towards free trade agreement between US and Kenya
The US Chamber of Commerce released a report analysing the potential implications of a novel free trade agreement with Kenya. Talks of a free trade agreement between these two countries began in February 2020 and picked up a year later. A trade agreement between the two countries would be the first of its kind between the U.S. and a sub-Saharan African country. The report specifically examines the priority trade issues likely to be a focus for each side as well as the issues that will present a challenge for the negotiators. Read the chamber’s full analysis here.
Bank of Africa introduces Trade Finance Digitalization
The bank of Africa has approved the Conpend TRADE AI app made by Finastra to digitize their trade processes. The app uses machine learning to reduce the risk and cost of trade finance operations. The solution will improve trade finance operations by speeding up the approval of trade finance documents. It is expected to reduce processing time by 30 per cent, and reduce trade finance risk levels by up to 80 per cent. Read more about how this system works here.
World Bank providing financing in Southern Africa
The world bank has approved financing from the International Development Association (IDA) to support Malawi and Mozambique. The $380 million will go towards developing regional trade coordination, reducing trade costs and time, establishing regional value chains, and improving access to infrastructure. The project investments are expected to lead to sizable economic benefits, including increased regional trade, income growth, job creation, and greater resilience with economic spillovers that will benefit other countries in Southern Africa. Read the full press release here.[/vc_column_text][/vc_column][/vc_row]
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