The President of Afreximbanik, Mr Jean-Louis Ekra, on Sunday advised all African countries to diversify their economies and trade.

Ekra, who spoke at the inauguration of the 12-storey head office of the bank in Cairo, advised other African countries to take a cue from Egypt in taking new initiatives to develop their economies.

He said that these initiatives to diversify African trade and economies would translate to bigger roles for the bank.

The Afreximbank boss said that the bank recently launched a 500 million dollar to Develop the Egypt Africa Trade Promotion Prgramme to facilitate the country's efforts to tap into the rest of African countries.

``The essence of EATPP is to leverage economic strength of Egypt in order to enhance the process of economic development and structural transformation,’’ he said.

Ekra said that fostering trade and economic cooperation between Egypt and other African countries would help to accelerate the pace of integration within the African continent.

``The bank also sees its contribution to trade and economic development in Egypt growing in the coming years, especially within the context of the recently launched Tripartite Free Trade Area (TFTA) which will help to accelerate intra-African trade,’’ he said.

The bank executive, particularly commended the leadership and important roles which Egyptian President Abdel Fattah el Sisi was playing in transforming the Egyptian economy.

He also commended the Egyptian Government's support to the bank since inception of its operation in the country.

Ekra said that the head office building being inaugurated could be described as a true masterpiece showcasing African cultural, engineering and construction prowess.

``The inauguration of the headquarters building is an important milestone in the history of the history of the bank, this occasion firmly confirms the fact that the bank is deepening its roots in Egypt.

``The bank is here to stay,’’ he said.

Ekra said that the construction of the building at the cost of 14 million dollars was started in 2004 and was completed in 2007 as scheduled, but the bank could not move into it until 2010.

Dr Denny Kalyalya, the Governor of Bank of Zambia, also commended the host country for its generosity and good gestures which it had shown to the bank since its inception.

Kalyalya said that the bank had received several awards for its innovative approaches to addressing trade finance challenges facing the continent.

He said that the sustained growth of the bank over the years was probably a reflection of the dynamism of the host country. (NAN)