New Africa Trade Bank boss defends sovereignty, unveils plan for factories

Elombi outlined an ambitious plan focused on financing local processing zones, developing a pan-African stablecoin, and mobilising domestic capital...

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The new president of the African Export-Import Bank (Afreximbank), George Elombi, has announced a major strategic shift towards industrialization within Africa, emphasizing the creation of factories and jobs over raw material exports. He also strongly defended the bank's sovereignty against what he termed "increasingly hostile" external attacks.

New Afreximbank President George Elombi pledged to pivot away from financing raw material exports.
The plan includes financing local processing zones, developing a pan-African stablecoin, and mobilizing domestic capital.
Elombi criticized "unnamed critics" for a "coordinated attack on African sovereignty."

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