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Africa Trade Pact Gets $1 Billion to Offset Revenue Losses

  • Afreximbank mobilizes facility to offset reduced tariffs
  • Officials are confident facility will be in place by year-end
    

Photographer: Kevin Sutherland/Bloomberg

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The African Export-Import Bank has mobilized $1 billion for an adjustment facility to offset revenue losses for countries that lower cross-border tariffs as part of an Africa-wide free-trade area, according to the zone’s most senior official.