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Afrexim Hands Oramah New Five-Year Term

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The African Export-Import Bank (Afreximbank) has re-appointed Mr Benedict Oramah as President and Chief Executive Officer for a second five-year term.

The organisation announced the appointment on Sunday, June 14, at the bank’s headquarters in Cairo, Egypt, following his re-election at the 27th Annual General Meeting (AGM).

The AGM was held by circulation of resolutions due to the COVID-19 pandemic.

“We want an Africa where the foundations of the African Continental Free Trade Agreement (AfCFTA) are laid expeditiously so that the 84,000 kilometres of borders that have divided us for ages can begin to come down,” said Mr Oramah in his acceptance speech.

He added that Afrexim’s ultimate goal during his second term would be the realisation of Africa’s strategic ambition to create an integrated market.

He said that AfCFTA would drive the industrialisation of Africa, support the emergence of regional value chains, turn Africa’s creative and cultural assets into engines of growth and grow jobs for the continent’s youth.

Mr Oramah said that Afrexim disbursed more than $30 billion in support of African trade with over $15 billion channeled towards the financing and promotion of intra-African trade during his first tenure.

“We will aim to double intra-African trade financing so that by the end of my term, it will constitute no less than 40 percent of the bank’s total assets, with aggregate disbursements, on a revolving basis, over the 5 years exceeding $30 billion.”

“I make a commitment that with your support, the Bank will remain well capitalised throughout my term of office and beyond. We will continue our efforts to diversify sources of equity to include the markets while ensuring that the Bank’s development focus remains unchanged,” Mr Oramah said.

Afrexim announced that in addition to the approval of its 2019 audited accounts, a resolution proposing the re-election of Mr Stefan-Luis Francois Nalletamby as a director representing Class “A” Shareholders and Mr Kee Chong Li Kwong Wing as a director representing Class “B” Sharefolders was also approved by the meeting.

Afrexim said that it proposes to raise an additional $500 million in equity within Afreximbank’s current Strategic Plan dubbed “IMPACT 2021-Africa transformed”. It said this was in recognition that an amount of $1 billion earlier authorized to be mobilized had almost been fully raised.

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