Recently, African diplomats, senior government officials, and officials from Africa Export and Import Bank among others attended a groundbreaking ceremony for the AfreximBank Trade Centre project Zimbabwe located in Harare.
According to Dr. Robert Tomusange, Africa Export and Import Bank’s director for Administration, the construction of the $80 million facility will enable Zimbabwe to become an African trade hub and a center for financial services.
The AfreximBank Trade Centre Zimbabwe, which will be a One-Stop-Shop geared toward the promotion of trade and related issues, would be the second regional office after the one in Nigeria.
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On the opposite side of the huge Greenwood Park from Police General Headquarters, the complex is located in the unoccupied city block bordered by Herbert Chitepo Avenue, Oliver Tambo (Livingstone) Avenue, Seventh Street, and Eighth Street.
The facility will be a green building with over 35 000 square meters of built-up space that will house the Southern African Regional Office, the Bank’s contingency office, a world-class hotel controlled by an international hotel operator, a big conference and trade exhibition center, and a trade incubation center for start-ups.
How is the construction of the AfreximBank Trade Centre in Harare is going to benefit the people?
In addition to the other benefits, Dr. Tomusange stated that the construction of the office will have an impact on the local economy by creating jobs and subcontracting with more than 20 local entities.
In 1997, Afreximbank established its first international office since the bank was founded in 1993, in Zimbabwe.
Since then, according to Dr. Tomusange, the collaboration between the bank and the region of Southern Africa has grown with significant milestones to accelerate key strategies on trade information and trade services in Africa.
Zimbabwe’s efforts to improve the business environment, according to Reserve Bank of Zimbabwe Deputy Governor Dr. Jesimen Chipika, are evident in the construction of the regional office.
He added that the development is also evidence of their relationship with Afreximbank and that they are optimistic the Regional Office’s construction strengthens their existing relationship.
The AfreximBank Trade Centre Zimbabwe project will be completed within the allotted 28 months, as per Mr. Avinarsh Sharma, a representative of the principal contractor, Shapoonji Sharma, who expressed his gratitude for his company being awarded the contract.
Reported earlier
October 2017
Afreximbank to construct African Trade Centres in Zimbabwe
The African Export-Import Bank (Afreximbank) is set to construct trade centers in Zimbabwe; this is according to the President, Dr. Benedict Oramah. They intend to transform the buildings into iconic business complexes with integrated one-stop trade services shops.
The complexes, Afreximbank – Africa Trade Centres, will help in the creation of mini business parks for African trade.
Features in the trade centers
The development will have several features such as a large auditorium conference center; a trade information center; corporate rental office space for trade promoting bodies, export credit agencies, and commercial banks among other things.
Additionally, not only will there be a small business innovation and incubation hub but also upmarket lavish offices; high-end shops and restaurants, and public facilities, including a gymnasium and also a food court.
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Once complete
“I am happy to note that Zimbabwe will be the first beneficiary of this concept,” says Dr. Oramah. “Nevertheless, the project, once complete, will transform Zimbabwe into an intra-African trade hub; a center of knowledge and information about markets and a center of discussions for major deals.”
The mega project will eventually enable Afreximbank to expand its operations in Southern Africa in size, scope, and complexity. Moreover, it will further cement a relationship that will demonstrate reliability beyond doubt.
About Afreximbank
Afreximbank is the foremost pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade. The Bank has been in existence since October 1993 by African governments, African private and institutional investors, and non-African investors.
Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations.
December 2021
AfreximBank Trade Centre to come up on acquired land In Harare
The government of Zimbabwe has given land to build AfreximBank Trade Centre in Harare to stimulate intra-African commerce. AfreximBank’s permanent regional headquarters, a world-class hotel, a trade information center, a major conference center, and a tech incubation lab would all be housed at the Harare trade center.
The Zimbabwean government has given AfreximBank property in Harare to create a historic center for intra-African trade facilitation.
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AfreximBank Trade Centre in Harare Reaching Global Institutions
The trade centre in Harare will also contain other regional, continental, and global financial and development institutions. The Southern African Trade Centre (AATC) will facilitate trade information flow and provide trade services across the region.
The Harare AATC is anticipated to open in the third quarter of next year, giving Zimbabweans instant job opportunities. Once operational, Harare is intended to become an intra-African commerce hub, aiding the city’s revival as a major financial services centre.
Local Government and Public Works Minister July Moyo was cited as saying that the AATC will improve the area’s environment and would become the “AfreximBank Smart City” when handing over the land title AfreximBank recently.
He conveyed the government’s deep gratitude to AfreximBank for its unwavering support for the country. Zimbabwe is thankful to AfreximBank for providing essential lifeline assistance to revive economic activity. According to Moyo, the country would continue to value mutually beneficial collaborations that help Zimbabwe advance economically.
In his response, Professor Benedict Oramah, president of AfreximBank, thanked the government for its help to his institution. Oramah thanked the Zimbabwean government and people for their help to AfreximBank, which included a grant of land for the Africa Trade Centre.
Throughout the Covid-19 epidemic, AfreximBank has remained committed to Zimbabwe. The AATC will be an iconic one-stop-shop for business transactions, transforming Harare into a significant center for realizing the African Continental Free Trade Agreement’s ambitions.
In his brief remarks, Dr. John of the Reserve Bank of Zimbabwe (RBZ) extended his heartfelt congratulations to AfreximBank for this great piece of property in Zimbabwe. Over the past 28 years, AfreximBank has changed the face of Africa by backing trade for long-term development.
Finance and Economic Development Minister Professor Mthuli Ncube, important government officials, and AfreximBank executives were present at the transfer ceremony.
Feb 2022
Actual construction of AfreximBank Trade Centre in Harare to begin in Q3 2022
The African Export-Import Bank Africa Trade Centre (AATC), often known as Afreximbank, head office in Harare is taking form. Full drawings have already been sketched and building construction is set to begin in the third quarter of this year. The project is anticipated to be completed by 2025.
Upon completion, AfreximBank Trade Centre will make Harare a critical hub for delivering the African Continental Free Trade Agreement’s promise (ACfTA). Humphrey Nwugo, regional chief operating officer of Afreximbank, stated that the bank’s premises will house the bank’s southern Africa regional office. In addition, he said that it is part of a bigger strategic plan to transform the bank’s regional offices and headquarters into a network of AATCs.
The entire project cost is now estimated to be close to $100 million; however, precise figures are still being finalized. The Harare AATC will include 30 000 square meters of built space, including prime corporate office space, a four-star hotel, conferencing facilities, trade information services, a tech incubation lab, and other amenities.
Significance of the AfreximBank Trade Centre in Harare
TheAfreximBank Trade Centre Zimbabwe will oversee the bank’s activities in 13 southern African nations. The bank is also considering building an office that would serve as a catalyst for Zimbabwe’s foreign direct investment and growth.
The AATC initiative was viewed as a platform for promoting trade information and access to vital services required for the AfCFTA’s realization and implementation. Moreover, the bank intends to bring together several linked global financial and development organizations to establish representative offices in key trading hubs.
Nguwo added that the development will greatly assist Zimbabwe and the SADC region through FDI, job creation in the construction industry, and downstream business. Furthermore, the AATC will assist in rebuilding Harare as an important financial services center and intra-African trade hub for the southern African area. The AATC in Harare will be one of the continent’s first of its kind.
Among other important initiatives, Afreximbank’s support programs for Zimbabwe include a US$150 million line of credit facility to enable commercial banks to handle imports of some necessary items. The bank has solid credentials in Zimbabwe, having disbursed more than US$7 billion to Zimbabwean businesses in the public and commercial sectors without incurring any credit losses during the last 20 years.
