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African Export–Import Bank

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African Export–Import Bank (Afreximbank)
Company typeDevelopment finance institution
IndustryFinancial services
Founded1993; 32 years ago (1993)
Headquarters72B, El Maahad El-Eshteraky Street, Heliopolis, Cairo, Egypt.
Area served
Africa and the Caribbean
Key people
Benedict Okey Oramah (President and Chairman of Board of Directors)[1]
Denys Denya (Senior Executive Vice President, Finance, Administration and Banking Services)
George Elombi (Executive Vice-President, Corporate Governance and Legal Services)
Kanayo Awani (Executive Vice-President, Intra-African Trade and Export Development)
Haytham El Maayergi (Executive Vice-President, Global Trade Bank)
US$ 973.5 million (2024)
Total assetsUS$ 40.1 billion (2024)
Total equityUS$ 7.2 billion (2024)
Capital ratio24 % (2024)
RatingMoody's: Baa1/P-2 (Stable)

Fitch: BBB /F3 (Stable) Japan Credit Rating: (A−, Stable) China Chengxin Credit Rating Group: (AAA)

Global Credit Rating: A
Websitewww.afreximbank.com

African Export–Import Bank, also referred to as Afreximbank or Banque Africaine d’Import-Export, is a pan-African supranational multilateral financial institution created in 1993 under the auspices of the African Development Bank. It was officially launched at the first general meeting of the shareholders in Abuja, Nigeria, in October 1993. It is headquartered in Cairo, Egypt.

Afreximbank is a financial provider to African governments and private businesses in support of intra-African[2] and Caribbean trade.[3]

History

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Afreximbank, established in 1993, serves as Africa's Export-Import Bank, dedicated to promoting and financing intra- and extra-African trade.[4] The Bank’s foundation was formalized during its constituent general assembly on May 8, 1993, held at the African Development Bank (AfDB) headquarters in Abidjan.[5] Participating states signed the Agreement establishing the Bank, while those wishing to become shareholders endorsed the Bank’s Charter.

The Agreement grants Afreximbank the status of an international organization with full juridical personality under the laws of its participating states. It also provides the Bank with specific immunities, exemptions, privileges, and concessions within these territories to facilitate its operations.

In October 1993, Afreximbank was officially launched during its inaugural General Meeting of Shareholders in Abuja, where Mr. Christopher Edordu was appointed its first President. Operations commenced in 1994, marked by the Bank's participation in a $150 million syndicated loan to Ghana’s Cocoa Board, contributing $6.5 million to the transaction.[6]

Since inception, Afreximbank has championed the process of economic integration in Africa by directly financing the growth of intra-African trade, investing in trade facilitation, expanding trade-enabling infrastructure, and developing technological ecosystems to dismantle long-standing barriers to intra-African trade and investments.[4]

By the end of 2024, Afreximbank's total assets and guarantees reached $40.1 billion, with shareholder funds amounting to $7.2 billion.[7] Between 2016 and 2022, the Bank disbursed over $86 billion to support African economies. In addition, from 2020 to 2022, it provided approximately $50 billion on a revolving basis to help African nations manage the economic impact of the COVID-19 pandemic and the Ukraine crisis, and drive economic recovery across the continent.[8]

Afreximbank charter

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The Afreximbank charter was adopted in Abuja, Nigeria, in October 1993, and its provisions regulate the bank as a corporate body.

Afreximbank works with African and non-African export credit agencies, development finance institutions, commercial banks, and other multilateral institutions to support trade finance activities in Africa.

Afreximbank began with an authorised share capital of US$750 million in 1993, but the authorized share capital of the bank was increased to US$5 billion on December 8, 2012.[9] On October 28, 2021, Afreximbank announced that it had embarked on a US$6.5 billion General Capital Increase (of which US$2.6 billion would be paid-in) to expand its capacity to deliver on its core mandate and diversify its range of services.[10]

Shareholding structure

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As of December 2023,the bank's shareholders, totalling 164, were divided into four categories:[11][12]

  • Class "A" Shareholders - African governments, African continental, regional, and sub-regional institutions, and economic zones.
  • Class "B" Shareholders - African Private Investors and African National financial institutions.
  • Class "C" Shareholders - international financial institutions and economic organizations, non-regional financial institutions, and non-African Private Investors.
  • Class "D" Shareholders - created in December 2012 and open to subscription by any investor, African or non-African.[13]

Governance

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The General Meeting of Shareholders is Afreximbank’s highest decision-making body. The General Meeting of shareholders, through the respective share classes, elects the members of the Bank’s Board of Directors and appoints the President of the Bank upon the recommendation of the Board of Directors.

In line with the provisions of the Charter, the Board of Directors is responsible for the general conduct of the business of Afreximbank . The day-to-day business of the Bank is delegated to the President who is also the Chairman of the Board of Directors. Under the Charter, the President is the chief executive and legal representative of the Bank.

Professor Benedict Okey Oramah, a Nigerian national, is the third President and Chairman of the Board of Directors of Afreximbank, having been appointed to that position at the Annual General Meeting of Shareholders held on 13 June 2015 ,for his first five-year term. He subsequently took his oath of office on 1 September 2015.[14] On 13 June 2020, Oramah was reappointed by the Bank’s shareholders for a second five-year term as President and Chairman of the Board of Directors.[15][16]

Oramah was preceded in office by Jean-Louis Ekra, who served from 2005 to 2015 and who, in turn, succeeded Christopher Edordu, the pioneer President, who was in office from 1993 to 2005.

Presidents of the African Export–Import Bank - Afreximbank
Name Dates Nationality
Christopher Edordu 1993–2003  Nigeria
Jean-Louis Ekra 2005–2015  Ivory Coast
Benedict Okey Oramah 2015–present  Nigeria

Membership

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As of December 2024, Afreximbank has 53 participating African member states and 12 participating Caribbean states ratified under the Partnership Agreement with the Caribbean Community (CARICOM).[17]

African Member States

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CARICOM Member States

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Regional Offices

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Afreximbank has Six regional offices,[18][19][20][21][22][23] as follows:

Region Headquarters
Central Africa Cameroon Yaoundé
East Africa Uganda Kampala
North Africa Egypt Cairo
Southern Africa Zimbabwe Harare
West Africa Nigeria Abuja
Caribbean Barbados Bridgetown[24][25]

Afreximbank Annual Meetings

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The 23rd Annual General Meeting of the bank's shareholders was held from July 18 to 24, 2016 in the Seychelles.[26] This meeting was the first chaired by President Dr. Benedict Oramah. The 30th Annual General Meeting was held in Accra, Ghana, from June 18–21, 2023[27][28][29][30]

In 2024, Afreximbank hosted its 31st Annual Meetings alongside the third edition of the AfriCaribbean Trade and Investment Forum (ACTIF) in Nassau, The Bahamas.[citation needed]

Group, Subsidiaries and Initiatives

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Afreximbank operates as a group entity consisting of the main bank and two subsidiaries: the Fund for Export Development in Africa (FEDA), an impact investment subsidiary, and AfrexInsure, an insurance management subsidiary. The bank also participates in several continent-wide initiatives related to trade facilitation and economic development.

Subsidiaries

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Fund for Export Development in Africa (FEDA)

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The Fund for Export Development in Africa is Afreximbank's impact investment subsidiary, established with an initial capital contribution of US$100 million from the parent bank. FEDA is headquartered in Kigali, Rwanda.[31]

AfrexInsure

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AfrexInsure is a wholly owned subsidiary specializing in insurance management services for trade and investment activities across Africa. The company is based in Mauritius and was launched in 2023 during Afreximbank's annual meeting in Accra.[32]

MANSA

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MANSA is a collaborative customer due diligence (CDD) and know your customer (KYC) information repository platform developed in partnership with the African Development Bank, African Central Banks, and other financial institutions. The platform focuses on African financial institutions and corporations, enabling global institutions to access due diligence profiles and conduct customer verification for African entities, including financial institutions, corporations, and small-to-medium enterprises.[33]

Pan-African Payment and Settlement System (PAPSS)

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In partnership with the African Union, Afreximbank helped establish PAPSS, a real-time gross settlement system designed to facilitate cross-border payments using local African currencies rather than international reserve currencies.[34]

African Medical Centre of Excellence (AMCE)

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Afreximbank began construction of the African Medical Centre of Excellence in Abuja, Nigeria. The facility is intended to provide healthcare services across different economic segments of the African population.[35]

Intra-African Trade Fair (IATF)

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The Intra-African Trade Fair is a biennial trade exhibition organized by Afreximbank in collaboration with the African Union Commission and the African Continental Free Trade Area Secretariat. The event serves as a platform for connecting businesses, investors, and governments across Africa, featuring exhibitions, conferences, and networking opportunities to promote intra-African trade and support implementation of the AfCFTA.[36]

Africa Quality Assurance Centre (AQAC)

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The Africa Quality Assurance Centre[37] initiative establishes facilities to provide testing, inspection, and certification services for African products to meet international quality standards. The first AQAC facility was launched in Nigeria,[38] focusing initially on agricultural products. The centers are intended to address quality compliance challenges faced by African exporters in accessing global markets.

Creative Africa Nexus - CANEX

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CANEX is Afreximbank's initiative supporting Africa's creative and cultural industries.[39] The program connects creative professionals, entrepreneurs, investors, and policymakers across sectors including fashion, film, music, visual arts, publishing, and digital media. CANEX provides financing, capacity development, and market access support for participants in the creative economy sector.[40]

See also

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References

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  1. ^ World Economic Forum (2018). "About Prof. Benedict Okey Oramah: President, African Export-Import Bank (Afreximbank)". Geneva: World Economic Forum. Retrieved 25 December 2018.
  2. ^ Devex (September 2019). "African Export–Import Bank". Devex.com. Retrieved 22 September 2019.
  3. ^ Clark, Joanne, ed. (12 August 2023). "Afreximbank unveils Caribbean office in Barbados". Caribbean National Weekly (CNW). Retrieved 18 October 2024.
  4. ^ a b Oramah, Benedict (2021). "Afreximbank in the Era of the AfCFTA". Journal of African Trade. 8 (2 (Special Issue)): 24. doi:10.2991/jat.k.211208.002. hdl:10419/267549. S2CID 245328248. Retrieved 31 May 2023.
  5. ^ "Agreement for the establishment of the African Export-Import Bank "AFREXIMBANK" (with Charter)". un.org. Retrieved 1 January 2025.
  6. ^ "IMPORTANT MILESTONES IN THE ESTABLISHMENT OF THE AFREXIMBANK" (PDF). un. Retrieved 1 January 2025.
  7. ^ "Afreximbank delivers strong financial results for the nine months ended 30 September 2024, surpassing prior year's performance despite a challenging operating environment". 18 November 2023. Retrieved 1 January 2025.
  8. ^ "Afreximbank opens first African Quality Assurance Centre (AQAC) in Nigeria - African Export-Import Bank". 5 January 2023. Retrieved 31 May 2023.
  9. ^ "Afreximbank Annual report 2012". 31 March 2013. Retrieved 1 January 2025.
  10. ^ "Afreximbank begins $6.5bn equity capital increase". 28 October 2021. Retrieved 1 January 2025.
  11. ^ "NNPC Limited Invests in African Export-Import Bank Shares". 9 February 2024. Retrieved 1 January 2025.
  12. ^ "Corporate Governance". African export-import bank. Retrieved 24 December 2018.
  13. ^ The Zimbabwe Herald (10 December 2012). "Afreximbank Capital Bid Gets Nod". The Herald (Harare). Retrieved 28 July 2023.
  14. ^ "Benedict Oramah Sworn in as Afreximbank's New President", Articles.connectnigeria.com, 24 September 2015, retrieved 31 May 2023
  15. ^ "Shareholders Re-appoint Nigeria's Oramah as Afreximbank President – THISDAYLIVE". Thisdaylive.com. Retrieved 31 May 2023.
  16. ^ "Prof. Benedict Oramah Re-appointed as Afreximbank President - African Export-Import Bank". African Export-Import Bank. 14 June 2020. Retrieved 19 May 2023.
  17. ^ "Somalia joins Afreximbank as it seeks to boost Intra-African trade and economic growth". African Export-Import Bank. 24 March 2025. Retrieved 27 March 2025.
  18. ^ African Export–Import Bank (16 June 2020). "Branches of African Export–Import Bank". Cairo: African Export–Import Bank. Retrieved 16 June 2020.
  19. ^ BDA (20 July 2018). "Kenya Loses Race To Host $30 Million AfreximBank Office". The EastAfrican. Nairobi. Retrieved 22 September 2019.
  20. ^ Vision Reporter (21 September 2019). "Museveni, Obasanjo Witness Signing of Afri-Exim Bank Agreements". New Vision. Kampala. Retrieved 22 September 2019.
  21. ^ The Independent (21 September 2019). "Uganda To Host AFREXIM East African Regional Bank Office". The Independent. Kampala. Retrieved 22 September 2019.
  22. ^ Cameroon Tribune (11 December 2019). "Cameroon: New Bank to Open Office" (Via AllAfrica.com). Cameroon Tribune. Retrieved 14 December 2019.
  23. ^ Cameroon Tribune (2 December 2020). "Central Africa: Afreximbank - Central African Regional Office in Yaounde" (via AllAfrica.com). Cameroon Tribune. Yaounde, Cameroon. Retrieved 3 December 2020.
  24. ^ Oji, Helen, ed. (8 August 2023). "AFREXIMBANK opens Caribbean office in Barbados". The Guardian Nigeria News.
  25. ^ Staff writer, ed. (10 August 2023). "Afreximbank Caricom office to boost regional trade and investment". www.jamaicaobserver.com. Jamaica Observer. Retrieved 18 October 2024.
  26. ^ "Afreximbank's 23rd annual general meeting at the Savoy hotel". Retrieved 18 October 2022.
  27. ^ "Afreximbank to hold 30th Annual Meetings in Accra, Ghana, from 18-21 June 2023". African Export-Import Bank. 13 April 2023. Retrieved 21 June 2023.
  28. ^ "Afreximbank to hold 30th Annual Meetings in Accra, Ghana, from 18-21 June 2023 | Ministry of Finance | Ghana". mofep.gov.gh. Retrieved 21 June 2023.
  29. ^ emmakd (13 April 2023). "Afreximbank to hold 30th Anniversary Annual Meetings in Accra". Ghana Business News. Retrieved 21 June 2023.
  30. ^ GTonline (23 May 2023). "Ghana to host 30th annual meeting, anniversary of Afreximbank". Ghanaian Times. Retrieved 21 June 2023.
  31. ^ "Afreximbank votes $100m for FEDA". The Impact. Nigeria. 5 February 2019. Retrieved 27 July 2023.
  32. ^ "Afreximbank and ARISE IIP Launch Landmark Quality Assurance Center in Benin". 23 June 2023. Retrieved 1 January 2025.
  33. ^ Boubacar Diallo (23 July 2018). "Mansa, the new digital platform to boost intra-African trade". Afrikatech.com. Retrieved 25 December 2018.
  34. ^ Santosdiaz, Richie (25 June 2022). "Overview of The Pan-African Payment and Settlement System PAPSS". The Fintech Times. Retrieved 16 June 2023.
  35. ^ "Director of People position with the African Medical Centre of Excellence in partnership with King's College Hospital London – in Abuja, Nigeria". 27 July 2023. Retrieved 1 January 2025.
  36. ^ "Cairo Hosts Intra-African Trade Fair 2023 (IATF2023)". 9 July 2023. Retrieved 1 January 2025.
  37. ^ "Afreximbank and ARISE IIP Launch Landmark Quality Assurance Center in Benin". 6 December 2024. Retrieved 1 January 2025.
  38. ^ "Afreximbank Launches $100m Quality Assurance Centre". 22 December 2022. Retrieved 27 July 2023.
  39. ^ "Afreximbank to double funding for Africa's creative industries". 23 October 2024. Retrieved 27 July 2023.
  40. ^ "CANEX offers showcase for Africa's rich cultural heritage". 23 October 2024. Retrieved 27 July 2023.
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