The Annual General Meetings and the celebration of the 25th Anniversary of the African Export Import Bank (Afreximbank) ended yesterday in Abuja with a speech by Nigerian President Muhammadu Buhari who affirmed that the Bank, thanks to its dynamism and determination had proved that Africans could unite to create something constructive.
In his speech at the closing ceremony, President Buhari emphasized that these qualities have enabled the Bank to achieve the success it has enjoyed since its creation 25 years ago.
Dr. Benedict Oramah, President of Afreximbank, explained to participants that “since January 2016, thirteen African countries have become Member States and / or shareholders of the Bank, bringing the total number of countries to fifty African States, and that was close to achieving the goal of membership of all African countries.
In his report on the Bank’s activities, the President announced that, in 2017, revenues had increased by 25 per cent to $ 645 million, driven by high interest income on average assets of approximately 14 per cent. billion, made up of about 70 percent of loans and advances.
Net proceeds rose 34 percent to a new record of $ 220 million, Dr. Oramah said. The level of liquidity is very high, while cash and receivables from banks were $ 3.2 billion, an increase of 153 percent over 2016 ($ 1.3 billion), while the liquidity coverage ratio was 185 percent, well above the target of 105 percent.
“Recognizing that intra-African trade can not flourish without a strong industrial base, we are actively supporting the development of industrial parks and export processing zones in Africa,” said the President. “Projects of approximately $ 1.5 billion are already funded or in the process of being funded in Côte d’Ivoire, Nigeria, Gabon, Togo, Chad and Burkina Faso. We also support the investment promotion efforts of the Suez Canal Economic Zone in Egypt, “he added.
He announced that the Bank had recently forged partnerships or agreements with numerous organizations to support and finance the development of the economy and trade and the diversification of trade in Africa, including with the African Guarantee Fund, Attijariwafa Bank, China Eximbank, Export Development Bank of Egypt, Export Credit Insurance Corporation of South Africa, Finance Center for South-South Cooperation, Kings College Hospital London, Indonesia Eximbank, International Islamic Trade Finance Corporation, the Islamic Corporation for the Development of the Private Sector, the Made-in-Africa Initiative and the Russian Export Center.
Dr. Ndagijimana Uzziel, President of the General Assembly of Shareholders and Minister of Finance of Rwanda, announced that the Board of Directors has proposed a dividend declaration of $ 57.53 million to shareholders, an increase of 51 per cent $ 37.96 million reported last year.
Kemi Adeosun, Nigeria’s Finance Minister, has been elected as the new President of the General Assembly of Shareholders.
The General Assemblies began on July 11 with speeches, presentations and debates on trade finance issues and current trade issues, such as the African Continental Free Trade Area. A Nigerian Investment Fair was also organized as well as performances by Mindelo Carnival of São Vicente, Cape Verde, and Nigerian star Davido.
More than 100 speakers, including Heads of State, Ministers, Central Bank Governors, Directors of International Trade Organizations, Business Leaders, African and International Business Development Experts, and Researchers , spoke during the four days of the Assemblies.
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