Latest news with #Afreximbank
Bloomberg
4 hours ago
- Business
- Bloomberg
TDB Warns Losses on African Development Banks Set Dangerous Precedent
Forcing African development lenders to take losses in sovereign debt restructurings would set a dangerous precedent and increase the cost of financing on the continent, TDB Managing Director Admassu Tadesse cautioned. Zambia plans to impose losses on institutions including the Eastern and Southern African Trade and Development Bank, or TDB, and the African Export-Import Bank as it reworks $13.4 billion in loans spanning Chinese state-owned banks to bondholders. Finance Minister Situmbeko Musokotwane said last week the southern African nation must honor its agreement with other creditors, which includes subjecting TDB and Afreximbank loans to comparable treatment. Ghana has echoed this.
Libya Observer
2 days ago
- Business
- Libya Observer
Libya acquires shares in African Export-Import Bank
The African Export-Import Bank (Afreximbank) announced that Libya has acquired a number of its shares, having paid the full amount on May 13. Libya joined the bank's founding agreement in October 2024, becoming the 52nd African country to do so. The bank operates in areas such as infrastructure, oil and gas, and the export of manufactured goods to other African nations. It also supports regional integration projects targeting countries across North Africa. Commenting on the development, Libya's Minister of Finance in the Government of National Unity, Khaled Al-Mabrouk, emphasized the importance of the partnership in supporting reconstruction efforts and economic diversification in the country. 'This acquisition of shares in Afreximbank solidifies Libya's status as a full member and shareholder in this prestigious African multilateral institution. It marks a historic achievement following our accession to the bank's founding agreement,' Al-Mabrouk said. Afreximbank is a pan-African multilateral financial institution tasked with financing and promoting intra-and-inter-African trade. Tags: African Export-Import Bank
Zawya
3 days ago
- Business
- Zawya
Libya becomes a full participating state and shareholder of Afreximbank
The State of Libya has taken a critical step towards its full membership of African Export-Import Bank (Afreximbank) ( with the acquisition of shares in the African multilateral Bank, making the country both a participating state and a shareholder of the Bank. The country submitted its payment for the acquisition of the Bank's shares on 13 May 2025. Libya acceded to Afreximbank's Establishment Agreement in October 2024, becoming the 52nd African nation to do so, and marking an important step towards full continental coverage and advancement of the Bank's continental integration agenda; through trade and investments. The acquisition of Afreximbank's shares by Libya further strengthens ties with the oil rich nation and enhances critical support to the Libyan economy. Target areas of intervention by Afreximbank include infrastructure and oil and gas, and export of manufactured goods to the rest of Africa, while also supporting regional integration projects targeting other countries in North Africa. 'Libya's shareholding in Afreximbank puts the Bank in a strong position to support the government's reconstruction efforts while also helping to deepen its regional connectivity through investments in critical projects such as the oil pipeline and road projects between Egypt and Libya, and the electricity transmission and linkage project covering Libya, Tunisia, and Algeria. It reaffirms the confidence of African governments in their Pan-African Multilateral Financial Institution,' said Prof. Benedict Oramah, President and Chairman of the Board of Directors, of Afreximbank. Prof. Oramah commended Libya for its investment in the Bank which demonstrates increased confidence in the organisation's activities, primarily its mandate of transforming African Trade. He noted that the shareholding in the Bank will help to expand its services, reach and influence in the region, besides enhancing its capital base. In acceding to the Establishment Agreement, His Excellency Dr. Khaled Al-Mabrouk Abdullah, Minister of Finance for the State of Libya, highlighted the importance of the partnership in supporting reconstruction and economic diversification efforts in his country and said that the nation's accession was a milestone in its journey towards rebuilding its economy and re-establishing its role as a regional trading hub. He said: 'Libya is grateful to His Excellency, Prof. Benedict Oramah, President and Chairman of the Board of Directors, of Afreximbank, for his persistent efforts in facilitating Libya's full participation in the Bank's foundational agreement. The acquisition of shares in Afreximbank solidifies Libya's position as a full member state and shareholder in this esteemed multilateral African institution. This represents a historic achievement, following our accession to the Bank's Establishment Agreement in October 2024. 'We regard this development as a critical step forward in Libya's journey towards greater economic integration within the African continent. Our accession as the 52nd African nation to Afreximbank underscores our commitment to fostering robust trade and investment relationships across Africa.' Dr. Abdullah noted that the partnership between Libya and Afreximbank would help unlock new avenues for economic growth, diversification, and development in his country. 'We eagerly anticipate leveraging the Bank's expertise and resources to support our national economic agenda and to contribute effectively to the advancement of intra-African trade and continental integration. We commend Afreximbank for its unwavering commitment to African economic advancement and look forward to a fruitful and mutually beneficial collaboration,' he added. Distributed by APO Group on behalf of Afreximbank. 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 (Baa1), 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.
Libya Review
3 days ago
- Business
- Libya Review
Libya Invests in Afreximbank to Support Reconstruction
Libya has officially become a shareholder in the African Export-Import Bank (Afreximbank) after fully paying for its shares on 13 May. The move marks a strategic milestone aimed at supporting the country's economic recovery and strengthening its integration into the African trade and investment landscape. According to a statement on Afreximbank's website, Libya's accession to the bank's founding agreement in October 2024 made it the 52nd African nation to join the institution. This step contributes to Afreximbank's goal of achieving continental coverage and advancing its agenda for African integration. The bank operates across key sectors including infrastructure, oil and gas, and the export of manufactured goods to African markets. It also supports regional integration projects that connect Libya with other North African countries. Professor Benedict Okechukwu Oramah, Chairman of Afreximbank, praised Libya's investment, noting that it positions the bank to play a critical role in supporting the Libyan government's reconstruction efforts. He highlighted that Libya's membership enables investment in vital cross-border infrastructure projects, such as oil pipelines, road links between Libya and Egypt, and electricity interconnection projects with Tunisia and Algeria. 'This demonstrates the confidence African governments place in their multilateral financial institution,' said Oramah, adding that Libya's contribution will help expand the bank's capital base and enhance its impact across the region. Libya's Minister of Finance, Dr Khaled Al-Mabrouk, representing the Government of National Unity (GNU), emphasised the significance of this partnership. He described Libya's membership as a turning point in the country's path to economic diversification and reconstruction. 'This acquisition establishes Libya as a full member and shareholder in this prestigious African multilateral institution. It is a historic achievement following our signing of the bank's founding agreement,' said Al-Mabrouk. He added that Libya's move reflects its commitment to deeper economic integration within Africa. 'As the 52nd African country to join Afreximbank, we affirm our dedication to building strong trade and investment ties across the continent.' For over three decades, Afreximbank has led efforts to transform intra-African trade, offering innovative financing solutions that drive industrialisation and economic growth.
TimesLIVE
3 days ago
- Business
- TimesLIVE
Afreximbank tells investors Ghana up to date on loans, risking creditors' ire
Afreximbank has signalled that Ghana has kept up loan repayments to it, two sources told Reuters, potentially setting Accra on a collision course with its other lenders that have already agreed to take losses to help the country recover from default. The African lender, the sources said, told investors on a May 15 call that Ghana and Malawi — which is also undergoing a debt restructuring — were "up to date" with their loan facilities, suggesting neither country had run up arrears. While Ghana's restructuring of $13bn (R232.29bn) worth of international bonds and debts to official creditors concluded last year, it must also restructure its commercial debt before it can fully emerge from default. Afreximbank says it is a multilateral institution which, like the IMF and the World Bank, is exempt from taking losses when countries default. But sources told Reuters last month that the Paris Club group of official lenders has made it clear that Ghana, and also Zambia which similarly agreed a deal with its primary creditors last year, must restructure their debts to Afreximbank and the Eastern and Southern African Trade and Development Bank (TDB). In a letter seen by Reuters from Ghana's finance ministry to Afreximbank, dated May 21, the government requested the bank to begin debt treatment discussions.
