Afreximbank Shareholders Approve Key Resolutions and Reaffirm Support for Preferred Creditor Status
Among the most significant outcomes was the appointment of Dr. George Elombi as the fourth President and Chairman of the Board of Directors, succeeding Professor Benedict Oramah, who will step down later this year after nearly a decade of transformative leadership.
Shareholders also approved the expansion of the Bank's Concessional Finance Window, increasing its capital allocation from USD 1 billion to USD 5 billion, and raising the direct shareholder contribution from USD 200 million to USD 700 million. This substantial expansion reflects the growing demand for accessible development finance across Africa and the Caribbean, and strengthens Afreximbank's capacity to support inclusive and sustainable economic growth.
In addition, shareholders reaffirmed the commitment of the Bank's Member States to Afreximbank's Preferred Creditor Status (PCS), as codified in the Bank's Establishment Agreement, to which all Member States are signatories. This reaffirmation underscores continued support for the Afreximbank's role as a trusted African Multilateral Financial Institution.
In what marked his final Shareholders' Meeting, Professor Oramah welcomed the outcomes and expressed appreciation for the vision and leadership shown:
'It has been a great honour to serve as President and Chairman of the Board of Directors of Afreximbank for the past decade. I commend our shareholders for the bold and strategic decisions taken, particularly the unwavering reaffirmation of their commitment to respect their obligations under the Afreximbank Establishment Agreement, through which the Bank enjoys Preferred Creditor Status across its member states. We also welcome their decision to increase the size of the Africa Trade Transformation Fund (ATTF), the Concessional Finance initiative launched at the 30th Annual Meetings of the Bank, from USD 1 billion to USD 5 billion. These decisions would collectively shape the future of this great institution and advance Africa's prosperity.
'I am confident that the Bank is well placed to continue making a profound impact under the capable leadership of my able successor, Dr. George Elombi, and I extend my very best wishes to him.'
The shareholders also elected Mr. Wale Edun, Nigeria's Minister of Finance and Coordinating Minister of the Economy as Chairman of the General Meeting for the period 2025/2026 and passed other statutory resolutions including adoption of the Bank's audited financial statements for the year ended 31 December 2024 and appointment of auditors.
The shareholders in addition confirmed the re-election of Dr. Denny Hamachila Kalyalya (Zambia), Dr. John Panonesta Mangudya (Zimbabwe) and Mr. Victor Jérôme Nembelessini-Silué (Côte d'Ivoire) to the Bank's Board of Directors. Independent Directors Mr. Anil Dua (United Kingdom) and Mr. Ronald Sibongiseni Ntuli (South Africa) were also re-elected. Newly elected Directors include Mrs. Leila Mokaddem (Tunisia), as a nominee of the African Development Bank.
The shareholders noted the challenges and negative reports disputing African Multilateral Financial Institutions and undermining the commitments that African states have made in the treaties establishing these institutions, including Afreximbank.
In a statement unanimously endorsed and adopted by the General Meeting, Mr. Wale Edun, Nigeria's Minister of Finance and Chairman of the General Meeting, affirmed the shareholders' unwavering confidence in the Bank's financial resilience and mandate to drive Africa's trade-led growth.
Mr. Edun stated: 'The shareholders affirm their respect for the 1993 treaty establishing Afreximbank, signed and ratified by African states, noting that it enshrined binding sovereign commitments and underpinned the preferred creditor status (PCS) of the Bank, shielding its loans from sovereign debt restructurings.
'Additionally, shareholders reaffirm the commitment of the Bank's Member States to the Preferred Creditor Status (PCS) enshrined in the Bank's Establishment Agreement to which all Member States are signatories and call for collective responsibility in safeguarding the integrity of African Multilateral Financial Institutions (AMFIs).
'This meeting confirms shareholders' full commitment to supporting the Bank's mission, and call upon all stakeholders to engage constructively, reflecting the Bank's robust legal protections and credit fundamentals.'
This collective statement by Afreximbank's shareholders sends a strong signal to partners, rating agencies, and the broader financial community: the Bank remains a trusted and protected institution anchored by solid legal foundations and an unwavering mandate to drive Africa's economic transformation through trade.
Nearly 6,000 delegates attended the 32nd Afreximbank Annual Meetings, making it the Bank's most highly attended Annual Meeting in its 32-year history. Attendees included 22 current and former African and Caribbean Heads of State or their representatives, as well as policymakers, academics, business leaders and high-profile dignitaries.
Media Contact:
Vincent Musumba
Communications and Events Manager (Media Relations)
Email: press@afreximbank.com
Follow us on:
X: https://apo-opa.co/4m5A4QT
Facebook: https://apo-opa.co/4okTTWD
LinkedIn: https://apo-opa.co/453eZjq
Instagram: https://apo-opa.co/4o2Ph7d
About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialisation 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 has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank's total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa2), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity 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.com
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
3 hours ago
- Zawya
Mining Elites in Africa 2026: It's time to have your say
Do you know of a project, company or individual that making a difference in African mining? Nominations are now open for Mining Elites in Africa 2026. Every year Mining Elites in Africa recognises those companies and individuals who go above and beyond to ensure responsible and sustainable mining on the continent. Whether it is through financial contributions to countries and communities, protecting the environment or socio-economic development initiatives, they are creating an indelible legacy on the continent. Mining Elites in Africa 2026 pays tribute to these often unsung heroes. In addition, this annual publication, published by Mining Review Africa, features projects that are making a substantial contribution to growing the African mining sector. 'Mining Elites is the perfect platform to recognise those who are truly making a meaningful difference in African mining. Through their leadership and innovations, they are ensuring that mining is sustainable and positively impacts the lives of all stakeholders, especially communities,' states Gerard Peter, Editor-in-Chief of Mining Review Africa. Nomination process: Nominations are open to all projects and leaders in the African mining minerals value chain in a number of categories. The final selection of projects and people is made by an independent advisory board composed of experienced industry figures with extensive mining knowledge across the African continent. The 2026 categories are: Leaders Future leaders ESG Innovation and tech Projects How to nominate: This is your opportunity to publically acknowledge those companies, projects and individuals whose efforts contribute to sustainable mining that benefits all. To nominate simply scan the QR code or visit Nominations close on 1 September 2025 Check out the 2025 winners Scan the QR to read Mining Elites 2025 Distributed by APO Group on behalf of VUKA Group.
Arabian Business
3 hours ago
- Arabian Business
Knight Frank bullish on Egypt as project pipeline valued at $565.5bn
With a pipeline of future projects valued at more than US$565.5 billion and projects worth an estimated US$120 billion currently under construction, Egypt is now the third-largest construction market in the MENA region and is enjoying robust growth. A new report, called Egypt's Construction Landscape 2025, by Knight Frank, the global property consultancy, said the outlook for the sector is exceptionally strong, with substantial long-term opportunities concentrated primarily in the chemical, construction, power and transport sectors. Egypt's booming construction and real estate Analysis of contract awards over the past decade reveals a market driven by a consistent volume of traditional construction projects, encompassing everything from residential buildings to commercial complexes, coupled with periodic mega-projects in the energy and transport sectors. Faisal Durrani, Partner – Head of Research, MENA, commented: 'The health of Egypt's construction sector, and the volume of upcoming opportunities, provides a strategic long-term horizon for both local and international investors. 'The sheer scale of this planned development underscores the nation's commitment to ambitious infrastructure and urban expansion, aiming to accommodate its rapidly growing population and enhance its economic competitiveness on the global stage.' However, many of the future projects are early-stage, with 51 per cent currently in the study phase, and 39 per cent in the design phase. So, the potential for future contracts is immense, but the immediate opportunities lie predominantly in specialised planning, feasibility studies and pre-construction services. Zeinab Adel, Partner – Head of Egypt, Knight Frank, added: 'Navigating Egypt's dynamic local market and macro-economic landscape requires a proactive and informed approach to mitigate inherent project risks, especially when evaluating early-stage opportunities. 'Investors looking to capitalise on Egypt's construction landscape are advised to partner with experienced local consultants who are well-versed in the country's regulatory frameworks, supply chain dynamics and cultural nuances to mitigate risk and optimise returns.' The country's real estate market is driven by a rising population, mega-developments such as the New Administrative Capital and New Alamein, and growing interest from regional and international investors. Residential prices have risen by more than 16.5 per cent year-on-year, and as of Q2 2025, the average sales price reached EGP115,000 psm (US$2,359) in Sheilkh Zayed and EGP98,000 psm (US$2,010) in New Cairo across 170 projects. New Cairo is the clear leader in Egypt's office market, accounting for 73 per cent of Cairo's current and future office stock. The average office sales price in New Cairo was EGP274,000 psm (US$5,620) in H1 2025, with premium office spaces selling for as much as EGP466,000 psm (US$9,558). 'The ongoing development of strategic mega-projects such as the New Administrative Capital and New Alamein continues to attract investment and create new urban hubs, reshaping Egypt's demographic and economic map,' said Adel. 'These latest figures underscore the attractiveness of the real estate market to both end-users and speculative investors, and the impressive future pipeline is expected to sustain this growth trajectory.'
The National
3 hours ago
- The National
UAE's sugar tax plan to 'incentivise' drink brands to deliver healthier options
Tax increases on sugar loaded drinks have been backed by soft drink producers and experts who said the move will push companies to offer healthier choices. From 2026, all UAE drinks will be priced according to their sugar content, per 100ml serving. Although it is not yet clear if new tariffs will affect alcoholic beverages, the drinks industry is braced for change. A departure from the flat rate sugar tax, will see the most calorific drinks hit with higher taxes to push consumers away from unhealthy options. The UAE has some of the region's highest rates for diabetes at about 20 per cent of the adult population, a condition exacerbated by sugar-sweetened drinks. Manufacturers have been exploring alternatives to sugar, such as the plant-based stevia, to sweeten drinks. But one of the world's largest soft drinks producers, PepsiCo, said consumer choice will always be driven by taste. 'We see this tax as allowing consumers to have more choices by allowing the industry to really innovate and reformulate products,' said Wael Ismail, vice president for corporate affairs, Africa, Middle East and South Asia, PepsiCo. 'Because of the tax brackets and how they're structured it allows the industry to invest more in awareness campaigns and research. We've seen this work in other places where this type of structure allows the industry to reformulate, innovate and offer consumer choices. 'Consumers will catch up to these trends, but our focus is really on taste. People like our products because of the recipes of the formulas that use sugar, but it's not the only component. As long as we're meeting consumer demands and tastes, we will always have a role to play.' Reformulated products Two of PepsiCo's most popular products are Pepsi-Cola and Mountain Dew. A reformulation of regular Pepsi sold in supermarkets and retailers has seen the sugar content reduced from 36g of sugar in a regular 330ml can to 15g. Mountain Dew is one of the most sugar laden soft drinks with each 355ml can containing a staggering 46g of sugar. By 2025, PepsiCo aims for at least two-thirds of its drinks sales volume to have 100 calories or less from added sugars per 355ml serving, which equates to about 26g of sugar. 'Back in 2017 when this tax was first introduced we went from an environment with no taxes to an environment with very high taxes,' said Mr Ismail. 'This had an impact on volumes, but markets have stabilised, since. We see this new change in the tax regime as fundamentally showing how the UAE and Gulf countries want to work with industry to consult, collaborate to find these win-win solutions.' Many soft drinks manufacturers have evolved to suit changing markets, by reducing the size of cans or developing sugar-free alternatives. Coca-Cola is also modifying products to suit consumer tastes and new tax bands. The company said it was committed to making more reduced and no-sugar versions of drinks, while making them easier to find. In 2023, 30 per cent of drinks sold by Coca-Cola were low or no calorie, while 68 per cent of products contained less than 100 calories per 355ml serving. International approach has mixed success The tiered sugar tax set for the UAE has been in place in South Africa since 2018. The Health Promotion Levy is fixed at 2.1 per cent per gram of sugar above 4g per 100ml, but has had a mixed effect in a nation where 70 per cent of women are obese or overweight, and one in three men. As taxes were not ring fenced for health services, just ZAR38 million (Dh7.8m) of the ZAR7.9 billion (Dh1.63bn) collected was used to promote healthy living, while the sugar industry suffered 16,621 job losses. There was, however, a 29 per cent reduction in average consumption of carbonated drinks per household. In the GCC, consumer choices have changed significantly since the sugar tax was first introduced in 2017, and the price of some soft drinks doubled overnight. A cross-sectional study by King Fahd Hospital in Madinah showed a 19 per cent decrease in soft drinks consumption after taxation in Saudi Arabia, with a 75 per cent reduction among obese participants. In the UAE, however, the results from the first sugar tax were less conclusive. A study conducted by the Dubai Health Authority and University of Ontario showed no statistically significant change in consumption of sugar sweetened drinks by gender, age or nationality. It is not yet clear if the new sugar taxes will include alcoholic drinks. While most beers contain up to 3g of sugar per 355ml serving, some wines can contain about 8g per 148ml glass. Cider is generally the most sugary alcoholic drink with a 473ml glass containing up to 21g of sugar. "The results of the 2017 UAE sugar tax were not exactly a revolution, but not bad either,' said Shamma Al Falahi, partner, Head of the Tax Department at BSA Law. 'Sales of sugary drinks dropped from 7.4 per cent to 5.9 per cent of the beverage market, according to World Health Organisation data. 'The new tiered system is expected to incentivise healthier formulations and make healthier beverages more affordable and accessible. 'It means new compliance costs for businesses, registration, and the need to rethink reformulating the products. Wealthier consumers are less sensitive to price hikes and may accept paying off the extra cost. 'However, evidence from other countries suggests that sugar taxes can still be effective in reducing consumption among vulnerable populations, such as young people and low-income consumers, who are more responsive to changes in relative prices.' The UAE Ministry of Finance said the recent amendment to the excise tax on sugar-sweetened beverages was only preliminary, When asked about the addition of sugar taxes to include alcoholic beverages, a spokesperson said 'additional details will be announced in due course to support businesses in achieving full compliance with an updated policy'. A review of the region's sugar tax by the WHO found further taxation had the potential to reduce childhood obesity in Saudi Arabia from 38 per cent in 2020, to 34 per cent by 2030. In the UAE, the potential is to reduce the rate from 37 per cent, to 34 per cent. Health implications Reshma Devjani, a clinical dietician at Fakeeh University Hospital Dubai, said fewer than 10 per cent of a child's calorie intake should be derived from free sugars. 'Reducing sugar content will help cut down on a concentrated source of calories and carbohydrates,' she said. 'This could reduce weight gain and obesity, type 2 diabetes, metabolic syndrome, dental caries and heart health.' According to the World Bank, there are 117 nations and territories now subject to a tax on sugary drinks, affecting 57 per cent of the global population.
