In a session held during the 6th Northern Corridor Summit, the East African Commodity Exchange (EAX) is launched.
President Uhuru Kenyatta ushered the launch of the East Africa Commodity Exchange by ringing a bell signaling the formal launch of the Exchange.
EAX is a subsidiary of Africa Exchange Holdings, Ltd. (AFEX), which is comprised of Heirs Holdings, Berggruen Holdings, and 50 Ventures, and is financially supported through private investment from AFEX and Ngali Holdings, a local investment company in Rwanda.
Former US Assistant Secretary for African Affairs, Dr. Jenadayi Frazer and Board Chairperson of the EAX in her remarks noted that EAX will go a long way to address gaps in Africa's agricultural commodity exchange.
She underlined that the warehouse system will have significant impact in reducing after harvest losses. It will also contribute to Africa's efforts of food security and to make African products globally competitive.
She also hailed the EAX as a successful venture in Public Private Partnership scheme.
President Uhuru noted that the establishment of the EAX shows that we are moving in the right direction in realizing regional integration.
He also noted Ethiopia's efforts in putting in place a commodity exchange which he said will create a synergy for greater East and Horn of Africa integration.
The EAX, he underlined will play a significant role in ending the exploitation of African farmers by middle men and ensure price stability.
The EAX, headquartered in Rwanda, offers warehouse operations, trading, warehouse receipt financing, clearing and settlement in addition to risk Management and Compliance.
Source: Ministry of Foreign Affairs