Afreximbank signs MoU with African Airlines Association (AFRAA)

Africa Export-Import Bank (Afreximbank) signed memorandum of understanding (MoU) with African Airlines Association (AFRAA) on Tuesday.

The MoU was signed during the Intra-African Trade Fair (IATF) 2023 held in Cairo, Egypt.

The agreement will help concretise cooperation to develop a safe, reliable, efficient and environmentally sustainable air transport system in Africa.

Both AFRAA and Afreximbank will coordinate various activities, joint projects and programs, as well as exchange information and data.

Both entities share a common goal of supporting a sustainable air transport system in Africa to contribute to the continent’s socio-economic development, trade, and integration.

The MoU will facilitate the mobilisation of necessary financial resources to undertake projects that will benefit African airlines.

For the first time in Africa, trials for the free routing flights became a reality on the second of November 2023 with funding by Afreximbank and technical support by aviation experts.

Flights ET935 and KQ 508 operated safely outside the existing routes directly from Addis Ababa to Abidjan and Nairobi to Accra, respectively.

Implementing the Free Route Airspace (FRA) will bring significant cost savings to airlines each year, as well as shorter travel times to passengers and less CO2 emissions into the environment.

The trials started on November 2023 and will continue to provide critical data to accelerate the FRA implementation in the entire African Airspace.

The MoU was signed between Abderahmane Berthe, Secretary General of African Airlines Association, and Kanayo Awani, Executive Vice President of Afreximbank