According to a study conducted by experts from the Economic Commission for Africa, during the African Business Forum on 07 February 2022 in Addis Ababa, Ethiopia, "the continent would need 243 new aircraft to meet its air logistics needs, if the African Continental Free Trade Area (AfCFTA) is effectively implemented."
This commission was tasked with exploring the development of a transport ecosystem to support the AfCFTA.
To address this challenge, Afreximbank announced plans to launch an aircraft leasing platform in Africa.
This announcement was made by Benedict Oramah, Chairman of the African Export-Import Bank (Afreximbank), at the end of the Addis Ababa forum.
Oramah revealed that Afreximbank is collaborating with one of Africa's major airlines to create this platform aimed at meeting the mobility and logistical demands of intra-African trade.
“We are collaborating with one of Africa's leading airlines to establish this platform, aiming to eliminate the financial risks associated with acquiring these aircraft for African carriers that wish to do so. This project is at an advanced stage of development, and once finalized, it will enable airlines to access these aircraft without incurring debt burdens.” he stated.
The solution proposed by Afreximbank is intended to complement the various initiatives it has already supported, including financing assistance to airlines such as Air Ivoire, Ethiopian Airlines, and Nigerian carriers.
Additionally, Afreximbank indicated that discussions are underway with African airlines to simplify payment processes and facilitate the opening of new air routes across the continent.
Experts highlight that aircraft availability alone will not suffice to turn air transport into a catalyst for African trade. The challenge also lies in the development of efficient national airlines, a goal that has proved elusive for many countries except for a few successful examples such as Ethiopian Airlines.
ZoomEco