The African Export-Import Bank (Afreximbank) has mobilised a whopping $35 b for the development of the continent, in the last five years.
Prof. Benedict Oramah, the President of the bank, disclosed this at the official opening of the 2022 Annual Meetings of the institution, in Cairo, Egypt.
He attributed the achievements of the bank to the foresight of Nigeria and Egypt that made the first investments in setting up the bank.
His words, “The Egyptian Government, through the Central Bank of Egypt, are strong supporters of Afreximbank and committed to making it a strong and impactful continental institution.
“They have led the way, whenever it mattered; contributing significant equity, giving the Afreximbank Central Bank Deposit Program (CENDEP) the impetus it needed when they, and the Central Bank of Nigeria (CBN) became the initial depositors of billions of US dollars. It is to their credit that CENDEP now has fifty (50) participants and mobilised an aggregate of 35 billion US dollars in the last 4-5 years.
“CBE has also partnered with Afreximbank to train several African bankers in many areas. We are pleased to have been their choice to advise on the creation of a national Export Credit Agency (ECA). As a result, Afreximbank has now been mandated to do the same in other countries. It is a partnership we highly value and thank Tarek and his team for standing strong behind what they own.”
Prof. Oramah noted that African leaders, in the 1960s had taken steps for the continent to work together to pull the region out of its economic backwardness.
He said that the urgency of that integration has become more crucial, now than ever.
The president urged Africa leaders to empower the region’s financial institutions to be able to do more in the development efforts of the continent.
