29 C
Tuesday, September 29, 2020
- Advertisement -

AFC Signs Afreximbank Agreement


Development of Nigeria’s Digital Economy Anchored on Eight Pillars – A Speech by Isa Patanmi

I am highly delighted to launch the Digital Nigeria Portal and Mobile App as part of the implementation of our National Digital...

Why I Made TIME100 Most Influential People of 2020

Not every day do you wake up to this —honoured to be named to the 2020 Time100 from TIME. This has been...

Subsidizing the Naira Blocks Nigeria’s Economic Takeoff By Kingsley Moghalu

The Naira should be floated to find its exchange rate value on the market if Nigeria’s economy is to become productive, instead...

Africa, AfCFTA, The Private Sector and The Way Forward By Abdul Samad Rabiu

I start by congratulating African leaders on the opening of the AfCFTA secretariat last month. I believe the secretariat will further help...

The African Export-Import Bank today, in Abuja, Nigeria entered into a Cooperation Agreement with the Africa Finance Corporation.

The Agreement provides a framework for collaboration between the two institutions by harmonizing their resources for the promotion of trade and economic development in Africa. The Agreement, among other things, sets out the basis for joint origination and financing of trade and projects in Africa by the two institutions.

The Agreement will contribute to significantly boosting African trade by several hundred million dollars. Mr. Jean-Louis Ekra, the President of Afreximbank, signed on behalf of the Bank while Mr. Andrew Alli, Chief Executive Officer (CEO) at Africa Finance Corporation signed on behalf of the Corporation. “This Agreement underscores our strategic focus of leveraging Pan-African partnerships for addressing the challenges before our Continent especially in the context of the prevailing global financial crisis”, Mr. EKRA said in his statement at the ceremony. “Our common Member States can only begin to appreciate the value of the institutions they created through creative, result-oriented partnerships of the kind we are celebrating today”, he added.

In his statement, Mr. Andrew Alli, the AFC CEO said “AFC is very pleased to be signing this cooperation agreement with a sister pan-African institution like Afreximbank. The recent global financial crisis has negatively impacted the ability of African banks and businesses to access trade finance lines, which are often the backbone of Africa’s business activity. By combining the collective resources and capacities of our two institutions, we will creatively offer appropriate solutions to assist African businesses to weather the current turbulence in the international financial markets, while laying the foundation for a sustained expansion of trade finance activities in Africa. It is in this spirit that AFC and Afreximbank have already collaborated on a major trade finance transaction and the signing of this agreement would facilitate the deepening of our collaborative efforts.”

The African Export-Import Bank was established in October 1993 by African governments, African private and institutional investors, as well as non-African investors, for the purposes of financing and promoting intra- and extra-African trade. The Bank was established by the adoption of its basic constitutive documents, namely, the Agreement for the Establishment of the Bank (the “Establishment Agreement”), which confers on the Bank the status of an international organization, and the Charter of the Bank, governing its corporate structure and operations. Afreximbank is headquartered in Cairo, Egypt.

The Africa Finance Corporation is a hybrid investment bank and development finance institution established in 2007 to help mobilize and channel resources for Africa’s development. The Corporation focuses on the enhancement of infrastructure in Africa, in particular, power, transport, heavy industries, oil and gas, mining and telecommunications.

- Advertisement -


Please enter your comment!
Please enter your name here

- Advertisement -

Business Profiles

Edefe Ojomo

Edefe Ojomo is a lecturer in the Department of Jurisprudence and International Law at the University of Lagos, Nigeria. She has a...

Afsane Jetha

Afsane Jetha is the Managing Partner and CEO of Alta Semper Capital, which she co-founded in 2015 alongside Ronald Lauder (Chairman of...

Okechukwu Ohanta

Okechukwu Ohanta is the Sub-Surface Manager at Tenoil Petroleum and Energy Services. Mr Ohanta is responsible for the company's subsurface studies, formation...

Chukwunonye Emenalo

Chukwunonye Emenalo is a lecturer of financial management at Lagos Business School. His teaching interests are in financial management/corporate finance. His research...

Oyewale Ariyibi

Oyewale Ariyibi is the Chief Financial Officer at FBN Holdings Plc. Before this appointment, he was Chief Finance Officer at Transnational Corporation...