Afreximbank Announces Talks with Egypt to join Platform for Commercial Transactions with Africa in Local Currencies

Christiane Abou Lehaf, The International Cooperation Officer at the African Export-Import Bank (Afreximbank) announced talks with the Central Bank and a number of commercial banks to start activating Egypt’s accession during the second half of this year to the payment and settlement platform launched by Afrexim Bank in January 2022, known as (PAPSS).

This came in statements, Sunday, to journalists participating in the annual meetings of the bank, which were held from 18 to 21 June in Accra, and were reported by the Middle East News Agency.

The official stressed that the accession of Egypt, led by the Central Bank and with the participation of a number of commercial banks, will enhance the opportunities for companies and the banking system to increase trade exchange and investment with African countries in local currencies, and to overcome the biggest obstacle, which is the pressures of the abundance of foreign exchange, noting that Afrexim Bank is making intensive efforts in Executing commercial transactions through the PAPSS settlement and clearing platform, which has made large investments in its technological structure in order to make commercial transactions successful in the shortest time and with a high degree of security.

She explained that Afreximbank has started activating the work of the PAPSS platform with West African countries, which has proven successful in sending and receiving remittances when dealing with trading partners in African countries in the currency of each country.