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Afreximbank, Cameroon sign deal branch office

Published by The Nation on Mon, 16 Dec 2019


Collins NwezeThe African Export-Import Bank (Afreximbank) and Cameroon have signed the two principal documents finalising the protocol toward the take-off of Afreximbanks Central Africa Branch Office to be located in Yaounde.At a ceremony witnessed by the Prime Minister of Cameroon, Dr. Joseph Dion Ngute, in Yaounde on Friday, Afreximbank President Prof. Benedict Oramah and Mbella Mbella, Minister of External Affairs of Cameroon, signed the Branch Office Agreement and the Memorandum of Understanding Concerning the Temporary and Permanent Premises of the Central Africa Branch Office in Yaounde.In an address preceding the signing, Dr. Ngute said that the creation of the Central Africa Branch Office by Afreximbank was a high-stake endeavor that would position the countries of the sub-region for the takeoff of African states in the wake of the implementation of the African Continental Free Trade Agreement.He commended Afreximbank for choosing to establish the Branch Office in Cameroon, saying that it was a great honour and eloquent proof of the economic and strategic role of the country in the Central Africa sub-region.Cameroon shall spare no effort in meeting the obligations made to Afreximbank toward the set up and running of the Branch Office, he said.Noting that the office would be the hub of Afreximbanks activities in the sub-region, the Prime Minister urged the business community to take advantage of the opportunity by presenting suitable transactions to the Bank for financing support.Also speaking, Prof. Oramah said that the establishment of the Branch Office set the stage for deepening Afreximbanks operations across the nine Central African countries which had a combined GDP of $250 billion and a trade size of about $120 billion.An immediate impact of the establishment of the Branch Office in Yaound would be the building of the Afreximbank Africa Trade Centre for Central Africa there, said the President. The centre would be an iconic building that would house the Banks regional operations and also host a world class hotel, a trade information centre, a large conference facility, and a trade exhibition facility, among others.
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