The African Export-Import Bank has opened a $2 billion facility for African subnational governments, offering a financing route for bankable development projects across the continent.
Cross River State and other African sub-sovereign governments are among those the facility is intended to serve. Afreximbank Director of Trade Facilitation and Investment Promotion Dr. Gainmore Zanamwe said governments' access would hinge on whether their proposals were viable and ready for financing. BusinessDay reported his remarks from a media briefing ahead of the sixth African Sub-Sovereign Governments Network Investment Conference, or AfSNET 2026.
Zanamwe said the conference would guide participating governments through the funding process. Practical sessions are planned to help officials shape project proposals for lenders and potential investors. He urged governments to set a clear economic direction and focus on two or three sectors with the strongest potential to support trade and investment, BusinessDay reported.
The AfSNET 2026 website describes a $2 billion financing commitment for sub-sovereign development. It identifies the conference as an Afreximbank initiative hosted by Cross River’s government and the Nigeria Governors’ Forum in Calabar from Nov. 12-14.
The conference website says AfSNET is intended to mobilize investment and support development through trade and investment. It also reports that the event’s five previous editions brought together more than 1,400 delegates from 21 African countries and facilitated more than $3.2 billion in investment opportunities and transactions.
