Latest news with #TradeArea
Business Insider
07-05-2025
- Business
- Business Insider
Top 10 African countries with the longest road networks
Often described as the "nerves" of an economy, roads are far more than stretches of tarmac—they are critical enablers of commerce, connectivity and national development. Roads are vital for economic growth, enabling the movement of people, goods, and services, and forming the backbone of daily life and commerce. Over 80% of goods and 90% of passenger movement in Africa rely on roads, yet the continent faces significant infrastructure gaps in road quality and connectivity. Poor road infrastructure increases transaction costs, delays trade logistics, and contributes to Africa's low intra-continental trade rate of 18%. By facilitating the seamless movement of people, goods and services, roads form the core of any thriving economy. Whether it's transporting produce from farm to market, getting workers to factories, students to classrooms or ambulances to hospitals, road infrastructure is an indispensable pillar of daily life. Across the African continent, roads serve as the dominant mode of transport. An estimated 80% of goods and 90% of passenger traffic in Africa rely on roads, underscoring their immense significance. Yet, despite this reliance, Africa suffers from a major infrastructure shortfall. Many existing road networks are underdeveloped, poorly maintained, or entirely absent in remote regions. This lack of reliable road infrastructure contributes directly to higher transaction costs, delays in trade logistics, and ultimately, the low intra-African trade rate, which remains at only 18%—a stark contrast to regions like Europe or Asia, where internal trade is far more robust. Bridging the Infrastructure Gap Recognising the economic losses tied to poor roads, several African countries are ramping up investments in road infrastructure. Governments and regional bodies are now prioritising strategic projects to extend and modernise their networks. The aim is clear: better roads mean better access to markets, enhanced mobility, reduced transport costs, and increased job opportunities—particularly in rural areas where isolation from major markets stifles development. These road projects are also critical to the African Continental Free Trade Area (AfCFTA), which hinges on connectivity to unlock the continent's full trade potential. South Africa leads the continent, boasting a highly developed and expansive road system, reflecting its status as one of Africa's most industrialised economies. Nigeria, with its vast population and economic might, ranks second, while Kenya's growing infrastructure reflects its rising status as East Africa's economic hub. Below are the top 10 African countries with the longest road networks: Rank Country Roadway coverage in kilometres 1 South Africa 750,000km 2 Nigeria 195,000km 3 Ethiopia 161,452km 4 Kenya 161,000 km 5 Democratic Republic Of The Congo 152,000 km 6 Tanzania 145,000 km 7 Algeria 141,000 km 8 Mali 139,000 km 9 Zimbabwe 97,000 km 10 South Sudan 90,000 km Conclusion
Zawya
07-04-2025
- Business
- Zawya
African Development Bank and Bank of Africa Tanzania sign $7.5 million facility to boost trade finance
The African Development Bank ( and the Bank of Africa Tanzania (BOAT) have signed a $7.5 million trade finance transaction guarantee facility to boost trade finance activities of the Bank of Africa in Tanzania. Under this facility, the African Development Bank will provide a guarantee of up to 100% to confirming banks against non-payment risks arising from letters of credit and similar trade finance instruments issued by the Bank of Africa Tanzania. The facility will support small and medium-sized enterprises (SMEs) and local corporates engaged in the import sector. The facility aligns with efforts to bolster intra-Africa trade, contributing directly to the objectives of the African Continental Free Trade Area (AfCFTA) ( Speaking at the signing event on March 10, 2025, in Dar es Salaam, the Bank's Country Manager for Tanzania, Patricia Laverley, stressed the importance of the facility in addressing Tanzania's trade finance needs, saying that given the country's import requirements, it will aid priority sectors such as trade, agriculture, manufacturing, and energy. 'This facility will support trade by enabling BOAT to play a more strategic role in the regional and international market.' Representing BOAT's management, Deputy Managing Director Hamza Cherkaoui lauded the strong partnership with the African Development Bank, emphasizing its role in expanding trade finance capabilities across the continent. 'This partnership strengthens our ability to support businesses across various sectors by providing seamless trade finance solutions, expanding our confirmation network, and enabling access to top-tier confirming banks,' he said. The new Trade Guarantee facility aligns with Bank of Africa Tanzania's strategic priorities and the African Development Bank's broader objectives, including promoting regional integration, increasing food security, and industrializing Africa. It also supports Tanzania's Country Strategy paper 2021-2025, which focuses on enhancing the private sector business environment for job creation. It also aligns with the country's development vision (Vision 2025), which aims to build a strong and resilient economy capable of competing globally. The signing of the agreement marks a significant milestone in the African Development Bank Group's direct engagement with Tanzania's private sector, reinforcing its commitment to strengthening the country's financial sector and economic development. Distributed by APO Group on behalf of African Development Bank Group (AfDB). Contacts: Joyce Mulama Communication and External Relations Department media@ Bernard Muhati Principal Trade Finance Officer
Zawya
07-04-2025
- Business
- Zawya
Jordan: Irbid Chamber of Industry exports rise by 33% in March
AMMAN — The value of certificates of origin issued by the Irbid Chamber of Industry (ICI) during March amounted to around $89.3 million, compared with $67.2 million for the same month in 2024, marking an increase of 33 per cent. According to the chamber's report issued on Sunday, a total of 1,069 certificates of origin were issued in March, compared with 1,119 for the same period in 2024, the Jordan News Agency, Petra, reported. The report indicated that the textile and leather sector topped exports worth $79.06 million, followed by the food and agricultural supplies sector at $4.67 million, and then came the medical industries and supplies sector at $2.63 million. The remaining exports mainly went for the chemical, cosmetics, engineering and electrical industries, as well as plastics, rubber, construction, packaging, paper, office supplies and mining sectors. In a statement, ICI President Hani Abu Hassan said that the increase in the value of certificates of origin during March was due to the "significant" growth in exports from the leather, textile food and supply industries. Abu Hassan added that the chamber's exports under the Greater Arab Free Trade Area declined by 14.5 per cent, recording approximately $6.3 million, compared with $7.5 million in March of 2024. Exports under the Jordan-US Free Trade Agreement saw "strong" growth of over 47 per cent, indicating that the chamber's exports under trade agreements constituted 84.5 per cent of total exporting volume. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
