Afreximbank Drives Cotton Sector Growth in C4+ Countries

Afreximbank recently hosted the Steering Committee meeting for the Partenariat pour le Coton (PPC), a global platform aimed at transforming the cotton-textile-garment (CTG) value chain in developing nations. The two-day event focused on driving sustainable growth, economic returns, and job creation in Africa, particularly within the C4+ countries (Benin, Burkina Faso, Chad, Mali, and Côte d'Ivoire).

Afreximbank’s Executive Vice President for Intra-African Trade and Export Development, Mrs. Kanayo Awani, opened the meeting by highlighting the vast potential of Africa’s cotton sector, which contributes significantly to GDP and foreign exchange earnings in several countries. However, she pointed out that the textile and garment manufacturing sector in many C4+ countries remains underdeveloped. To overcome these challenges, Mrs. Awani stressed the need to address issues such as low yields, limited processing capacity, climate change, and market volatility.

As a key member of the C4+ initiative, Afreximbank is committed to advancing Africa’s cotton sector by helping transform raw cotton into textiles and clothing. The bank is focused on supporting modern textile and garment industries across the continent, in line with the African Union’s Agenda 2063 and the UN’s Sustainable Development Goals (SDGs).

The meeting also focused on mobilizing capital and investment to foster the transformation of the African cotton sector. Afreximbank’s support includes project preparation funding, customized financing, advisory services, and export support. The bank’s strategic approach aims to create a competitive and sustainable cotton industry in the C4+ countries and across Africa.

Mr. Jean-Marie Paugam, Deputy Director-General of the World Trade Organization (WTO) and Chairperson of the Steering Committee, emphasized the importance of the meeting’s outcomes, noting that these discussions would provide concrete results to enhance the industrialization and local processing of cotton.

The meeting also marked the formal signing of an amendment to the Trust Fund Agreement between Afreximbank and UNIDO, reinforcing Afreximbank’s US$ 80,230 grant to support a baseline study for the cotton-to-textile value chain development under the PPC framework.

The PPC initiative, which includes key partners such as UNIDO, WTO, ICAC, and ILO, remains dedicated to advancing sustainable industrialization and local value addition in Africa’s cotton sector.