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Afreximbank announces Board changes and increase in authorized capital

Published by APO Africa Newsroom on Thu, 04 Jul 2024


African Export-Import Bank (Afreximbank or the Bank) (www.Afreximbank.com) is pleased to announce the following Board changes which took place at the Banks 31st Annual General Meeting held recently in Nassau, The Bahamas,Board Changes Class AMrs. Lydia Shehu Jafiya was elected to replace Mr. Aliyu Ahmed. Mrs. Jafiya is the Permanent Secretary, Federal Ministry of Finance of the Federal Republic of Nigeria.Mr. Amadou Hott was elected to fill the position of the African Development Bank nominated board seat. Mr. Hott is currently the Special Envoy of the President of the African Development Bank (AfDB) Group on the Alliance for Green Infrastructure in Africa. Prior to this appointment, Mr. Hott was Senegals Minister for Economy, Planning and Cooperation.Class BMr. Nol Mekulu Mvondo Akame was elected to replace Mr. Jean-Marie Mani. Mr. Mekulu Mvondo Akame is currently the Director General of the National Social Insurance Fund (CNPS) of Cameroon.Class CMs. Yu Wen was elected to replace Ms Lili Yang. Ms. Yu Wen currently serves as the General Manager of the International Department at the Export-Import Bank of China (CEXIM).Increase in Authorised Share CapitalThe shareholders of the Bank also approved an increase in the authorised share capital from US$5 billion to US$25 billion. The increase recognizes the rapid growth of the Bank in response to the challenges facing the African continent. It also creates capacity for the Bank to support the growth and development envisaged for the African continent in line with its mandate to promote the continents trade and affirm its relevance on the global stage.Commenting on these significant developments, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank remarked: Afreximbank is most grateful to departing Board Members for their services to the Bank and Africa. They were for many years, part of a formidable team, that made significant contribution to the Banks vision for Africa, created alliances, and assisted Africa in navigating major headwinds. We welcome our new board members. We look forward to their support and insight as we strive to build a prosperous Global Africa. Together, we will restore dignity and pride to Africans around the world.He added: the overwhelming endorsement by Shareholders of the historic increase of the Bank from US$5 billion to US$25 billion reflected their firm belief and trust in the Board and Management of the Bank and in the Banks mission. This move gives us the necessary headroom to mobilise the capital we need to create a bank that serves all Africans.Distributed by APO Group on behalf of Afreximbank.Media Contact:Vincent MusumbaManager, Communications and Events (Media Relations)Email:press@afreximbank.comFollow us on:Twitter: https://apo-opa.co/4bC8MfCFacebook: https://apo-opa.co/4cnX6y7LinkedIn: https://apo-opa.co/4cq4NE1Instagram: https://apo-opa.co/4coRh3zAbout Afreximbank:African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africas trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of December 2023, Afreximbanks total assets and guarantees stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. The Bank disbursed more than US$104 billion between 2016 and 2023. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moodys (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, the Group). The Bank is headquartered in Cairo, Egypt.For more information, visit: www.Afreximbank.comMedia filesDownload logo
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