African Export–Import Bank

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African Export–Import Bank (Afreximbank)
TypePublic-Private Partnership
IndustryFinancial services
Founded1993; 28 years ago (1993)
Headquarters72B, El Maahad El-Eshteraky Street, Heliopolis, Cairo, Egypt.
Area served
Africa
Key people
Benedict Okey Oramah (President and Chairman of Board of Directors)[1]
Amr Kamel (Executive VP)
Denys Denya(Executive VP)
Georges Elombi (Executive VP)
US$ 220.5 million (2017)
Total assetsUS$11.913 billion (2017)
Total equityUS$ 2.12 billion (2017)
Capital ratio25.49 % (2017 )
RatingMoody's : Baa1/P-2 (Stable) Fitch: BBB /F3 (Stable)
Websitewww.afreximbank.com

African Export–Import Bank, also referred to as Afreximbank, is a pan-African multilateral trade finance institution created in 1993 under the auspices of the African Development Bank. It is headquartered in Cairo, Egypt. Afreximbank's vision is to be the trade finance bank for Africa.[2]

Afreximbank's mandate is to finance and promote intra- and extra-African trade using three broad services:[2]

  1. Credit (Trade finance and Project finance)
  2. Risk Bearing (Guarantees and Credit Insurance)
  3. Trade Information and Advisory Services

Afreximbank has 50 African member-countries. As of June 2020, the bank had four regional locations and is in the final stages of establishing a fifth regional office for Central Africa.[3][4]

The regional offices are:

History[]

Afreximbank was established in 1993. The agreement establishing the bank was signed by member states in Abidjan on 8 May 1993 and conferred the bank the status of an international organization with full juridical personality under the laws of the participating states. Under the agreement, participating states grant to the bank in their territories, certain immunities, exemptions, privileges, and concessions to facilitate the bank business in those territories.

Afreximbank charter[]

The Afreximbank charter was adopted in Abuja, Nigeria, on 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 a start-up raised capital of US$750 million in 1993, but the authorized share capital of the bank was increased to US$5 billion on 8 December 2012.[9]

Shareholding structure[]

As of May 2018, the bank's shareholders, totaling 146, were divided into four categories:[10][11]

  • Class "A" Shareholders - African governments, African central banks, African development banks and African economic organisations.
  • Class "B" Shareholders - African private investors and African national financial institutions.
  • Class "C" Shareholders - International financial institutions, export credit agencies, and non-African private sector firms
  • Class "D" Shareholders - Open to subscription by any investor, African or non-African.[12]

Recent developments[]

Afreximbank postpones planned initial public offering (IPO)[]

In October 2019, Afreximbank postponed its planned IPO, valued at US$250 million at the London Stock Exchange, citing ‘unfavourable market conditions’.[13]

MANSA[]

Afreximbank has partnered with the African Development Bank, African Central Banks, and other international and national strategic partners to launch MANSA, a collaborative CDD/KYC information repository platform with a special emphasis on African financial institutions and corporate to enable global institutions, partners and counter-parties to access African entities’ CDD profiles and information as well as leverage the platform to conduct customer due diligence on African entities; financial institutions, corporate and SME.[14]

See also[]

References[]

  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. ^ Jump up to: a b Devex (September 2019). "African Export–Import Bank". Devex.com. Retrieved 22 September 2019.
  3. ^ African Export–Import Bank (16 June 2020). "Branches of African Export–Import Bank". Cairo: African Export–Import Bank. Retrieved 16 June 2020.
  4. ^ Business Daily Africa (20 July 2018). "Kenya Loses Race To Host $30 Million AfreximBank Office". The EastAfrican. Nairobi. Retrieved 22 September 2019.
  5. ^ Vision Reporter (21 September 2019). "Museveni, Obasanjo Witness Signing of Afri-Exim Bank Agreements". New Vision. Kampala. Retrieved 22 September 2019.
  6. ^ The Independent (21 September 2019). "Uganda To Host AFREXIM East African Regional Bank Office". The Independent. Kampala. Retrieved 22 September 2019.
  7. ^ Cameroon Tribune (11 December 2019). "Cameroon: New Bank to Open Office" (Via AllAfrica.com). Cameroon Tribune. Retrieved 14 December 2019.
  8. ^ 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.
  9. ^ "Background". African export-import bank. Archived from the original on 25 December 2018. Retrieved 24 December 2018.
  10. ^ "INVESTOR UPDATE FIRST QUARTER 2018 RESULTS PRESENTATION" (PDF). Afreximbank. 11 May 2018. Archived from the original (PDF) on 30 August 2018. Retrieved 30 August 2018.
  11. ^ "Corporate Governance". African export-import bank. Retrieved 24 December 2018.
  12. ^ Business, Reporter (10 December 2012). "Afreximbank Capital Bid Gets Nod". The Herald (Harare) ©2013 The Herald.
  13. ^ Aidan Gregory (29 October 2019). "Afreximbank Postpones $250m London Listing". London: Global Capital. Retrieved 30 October 2019.
  14. ^ Boubacar Diallo (23 July 2018). "Mansa, the new digital platform to boost intra-African trade". Afrikatech.com. Retrieved 25 December 2018.

External links[]

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