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]
Mission
Its mission is: “To stimulate a consistent expansion, diversification, and development of African trade while operating as a first-class, profit-oriented, socially responsible financial institution and a center of excellence in African trade matters”.[4]
Afreximbank's mandate is to finance and promote intra- and extra-African trade using four startegic pillars:[2]
Promote Intra-African Trade
Facilitate Industrialization and Export Development
Leadership in Global Trade Banking in Africa
Financial Stability
History
Afreximbank, established in 1993, serves as Africa's Export-Import Bank, dedicated to promoting and financing intra- and extra-African trade.[5] 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.[6] 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.[7]
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.[5]
By the end of 2023, Afreximbank's total assets and guarantees reached $37.3 billion, with shareholder funds amounting to $6.12 billion.[8] 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.[9]
Afreximbank charter
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.[10] 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.[11]
Shareholding structure
As of December 2023[update],the bank's shareholders, totalling 164, were divided into four categories:[12][13]
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.[14]
Governance
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.[15] 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.[16][17]
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
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).
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. Marking a historic milestone, this was the first time the annual meeting would hold in the Caribbean, underscoring the Bank's commitment to fostering stronger trade and investment ties between Africa and the Caribbean region.
Group, Subsidiaries and Initiatives
Afreximbank has evolved into a group entity comprising the Bank itself, its impact investment subsidiary—the Fund for Export Development in Africa (FEDA)—and its insurance management subsidiary, AfrexInsure. Together, these entities form "the Group." In addition to its subsidiaries, Afreximbank drives various initiatives aimed at advancing trade, investment, and economic development across Africa.
Fund for Export Development in Africa (FEDA)
Afreximbank provided an initial sum of US$100 million for FEDA’s full operationalization.[31] Its headquarters is in Kigali, Rwanda.
Afrexinsure
AfrexInsure, a wholly owned subsidiary of Afreximbank, is an insurance management services company dedicated to providing specialty insurance solutions tailored to support trade and investment across Africa. Headquartered in Mauritius, the subsidiary was officially launched during Afreximbank’s 2023 annual meeting in Accra.[32]
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.[33]
Afreximbank commenced the construction of its African Medical Centre of Excellence (AMCE) project in Abuja, Nigeria. It will provide excellent healthcare to both low- and high-income patient groups across the continent. [35]
Intra-African Trade Fair (IATF)
The Intra-African Trade Fair (IATF) is a biennial event organized by Afreximbank, in collaboration with the African Union Commission (AUC), the African Continental Free Trade Area (AfCFTA) Secretariat. It connects buyers, sellers, investors, and governments across Africa to boost trade and investment.
IATF features exhibitions, networking opportunities, and conferences, showcasing goods, services, and investment prospects. It plays a key role in promoting intra-African trade and supporting the AfCFTA’s implementation.[36]
Africa Quality Assurance Centre (AQAC)
The Africa Quality Assurance Centre (AQAC) is an initiative by Afreximbank aimed at ensuring the competitiveness of African products in global markets. AQAC provides modern testing, inspection, and certification services to meet international standards, addressing quality challenges faced by African exporters.[37]
Afreximbank has launched the first in its series of African Quality Assurance Centres (AQAC) being set up in Nigeria, to ensure the production and export of quality agro-produce from the country.[38] By enhancing product quality and compliance, AQAC supports Africa’s industrialization, fosters trade, and boosts confidence in African goods, enabling them to access and thrive in regional and global markets.
Creative Africa Nexus - CANEX
The Creative Africa Nexus (CANEX) is a flagship initiative of Afreximbank designed to support Africa's creative and cultural industries. It serves as a platform to connect African creatives, entrepreneurs, investors, and policymakers, fostering collaboration and opportunities for growth in the creative economy.[39]
Through CANEX, Afreximbank provides financing, capacity-building, and market access support for creatives across diverse sectors such as fashion, film, music, art, publishing, and digital media. By leveraging partnerships and innovative programs, CANEX aims to unlock the potential of Africa's creative sector, positioning it as a significant contributor to the continent's economic development and global cultural influence.[40]
