Latest news with #AfricanExport-ImportBank
Libya Observer
3 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
Libya Review
4 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.
Business Insider
20-05-2025
- Business
- Business Insider
Ghana and Afreximbank in heated dispute over $768m debt
Ghana, fresh from a tough debt restructuring process, is now locked in a dispute with the African Export-Import Bank (Afreximbank). Ghana is in conflict with Afreximbank regarding the restructuring of a $768.4 million debt. The Finance Ministry of Ghana seeks equal treatment of Afreximbank's loan with other restructured debts. Afreximbank insists on preferred creditor status to avoid losses during restructuring. Ghana, fresh from a tough debt restructuring process, is now locked in a dispute with the African Export-Import Bank (Afreximbank), one of its largest commercial creditors, over a $768.4 million debt. The Ghanaian Finance Ministry wants Afreximbank's loan to be treated like other debts it has already restructured, such as bilateral loans from China and $13 billion worth of eurobonds, Bloomberg reported. In restructuring, lenders often agree to extend payment deadlines, reduce interest rates, or take partial losses (called 'haircuts') to help a struggling country recover. But Afreximbank says it should not have to take any losses. The Cairo-based bank says it holds 'preferred creditor status,' a designation usually given to institutions like the International Monetary Fund (IMF) or World Bank. This status means that their loans are repaid in full, ahead of other creditors, and are not subject to restructuring. According to the Minister of Finance, Cassiel Ato Forson, 'Ghana's government doesn't see Afreximbank as having preferred creditor status, we do not believe that their debt is senior to any other restructurable debt. The Afrexim debt is part of our restructurable envelope. ' A dispute with regional implications The disagreement could delay Ghana's debt resolution, which began after it defaulted in December 2022. More importantly, it could set the tone for how regional lenders like Afreximbank are treated in future debt talks, not just in Ghana but in other African countries facing financial distress, such as Zambia, Kenya, and Ethiopia. Zambia, for example, has faced multiple hurdles in trying to restructure its debt under the G20's Common Framework, a global plan launched during the COVID-19 pandemic to help poor countries renegotiate unaffordable debt. Despite its good intentions, the Framework has struggled with implementation and coordination among creditors. Afreximbank, which is owned by African governments and private investors, has also shown it's willing to enforce its claims through legal means. On May 8, it won a court case against South Sudan, forcing the country to repay $657 million in defaulted loans, plus 13.5% post-judgment interest. The move sent a strong message that the bank will pursue repayment, even from fellow African states.
Daily News Egypt
13-05-2025
- Business
- Daily News Egypt
Afreximbank President Oramah calls for mindset shift for AfCFTA success
ABIDJAN – Benedict Oramah, President and Chairperson of the Board of Directors of the African Export-Import Bank (Afreximbank), stated that a change in mentality, particularly among middle and lower management, is crucial for the African Continental Free Trade Area (AfCFTA) agreement to gain momentum. He made these remarks during a panel discussion moderated by Nicholas Norbrook, Managing Editor of The Africa Report, titled 'Can Africa industrialise through trade – and on its own terms?' at the Africa CEO Forum 2025 in Abidjan. Oramah noted that despite a consensus on the AfCFTA at the leadership level across Africa, 'the middle and lower management don't share the same enthusiasm.' He emphasised that 'this has to change, and education will be important towards this goal.' During the discussion, Oramah also highlighted Afreximbank's growth under his presidency, stating that he managed to raise the bank's total assets and guarantees to $42bn, with $5bn to $12bn of assets being generated annually. Addressing the broader geopolitical landscape, Oramah acknowledged the current global environment, including the imposition of tariffs by figures like US President Trump, presents both opportunities and pitfalls. He suggested that such external pressures could serve as a catalyst that prompts Africa to act. 'It is indeed an opportunity that we begin to see as a catalyst. When one of these situations arises, you see that you are not prepared for it. All of us have to identify the opportunities and the challenges and position ourselves in a way that benefits Africa; basically, we are Africa, and I think Africa is in that situation.' He stressed the need for Africa to leverage its institutions and resources to move away from dependencies on aid and grants. 'To move beyond dependencies on aid and grants. And this is what our convention is, and I believe in it,' Oramah said. When questioned about the risk of African policymakers abandoning free trade ambitions due to trends like deindustrialisation in developed nations, Oramah argued against focusing on national economies in isolation. He pointed out the historical tactic of 'Divide and conquer,' resulting in 55 fragmented African markets. 'Fragmented, some of which we inherited,' he remarked, underscoring the need for integrated markets and resources. He suggested that a focuson national interests often leads to protectionist measures that ultimately hinder broader continental growth, noting that competition from outside Africa often stifles local industries. Regarding the implementation of the AfCFTA and whether the enthusiasm for such coordinated efforts persists, Oramah conceded, 'There is a little bit of hesitation, and we were observing. If you are going to address the situation, I said it's a kind of disconnect.' He attributed this, in part, to educational backgrounds, suggesting it's a 'natural' tendency for officials to prioritise their own country. 'So, to address that situation, I think the one that affects government is when you [focus on] your country, and that is the only thing that makes sense.' He emphasised the need to teach 'about the value of continental integration, not just what you have to do for your own nation.' On fostering collaboration between the public and private sectors, Oramah indicated that it requires effort to align their objectives, especially when public systems may perceive the private sector primarily as a source of tax revenue. Reflecting on his tenure and the bank's future, Oramah highlighted the diversification of Afreximbank's activities and the establishment of a constitutional framework to ensure its continued success. 'The bank was mandated to set up a constitutional framework. I am going to visit it to start. So it has all of that coming, and these are now beginning to diversify the [bank's activities],' he explained. He expressed a desire for his legacy to be defined by the strength of the institution and its people rather than personal achievements. 'I see it like this: somebody who builds a legacy, I don't want to see the legacy as what I did. It has got to be about the people I love [and who work for the institution].' He concluded by expressing confidence in the bank's future leadership and its commitment to 'responsiveness and integrity.'
Zawya
02-05-2025
- Business
- Zawya
Zimbabwe's Minister of Energy, Power to Deliver Keynote at IAE 2025
Minister Moyo's participation follows Zimbabwe's recent international efforts to attract investment into its energy sector, including high-level engagements aimed at outlining a clear roadmap for modernization and highlighting the essential role of private capital in addressing infrastructure deficits. With a large portion of the population still lacking access to electricity and power demand continuing to outpace supply, Zimbabwe is actively seeking strategic partnerships to deliver more reliable, sustainable and diversified energy solutions. IAE 2025 is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 13-14, 2025 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit To sponsor or participate as a delegate, please contact sales@ To meet both near-term and long-term goals, the government is pursuing a dual-track approach: restarting coal-fired power plants to stabilize domestic supply in the short term, while simultaneously accelerating investment in renewable energy. Solar and wind projects are at the forefront of Zimbabwe's energy strategy, with plans to develop large-scale solar farms and export power to neighboring countries. In partnership with Zambia, Zimbabwe is exploring floating solar developments on Lake Kariba – backed by a recent $250 million facility from the African Export-Import Bank to develop a 250 MW project by mid-2026 – signaling a shift toward innovative, climate-resilient infrastructure. Minister Moyo's keynote will outline current investment-ready opportunities in power generation, transmission and off-grid electrification, as well as the regulatory and policy reforms designed to attract independent power producers and foreign capital. His presence reinforces Zimbabwe's commitment to working with global stakeholders to transform its energy landscape and foster long-term energy security. Moreover, Zimbabwe's participation at IAE 2025 reflects the forum's broader mission of connecting African energy markets with international financiers, developers and strategic partners. © Copyright The Zimbabwean. All rights reserved. Provided by SyndiGate Media Inc. (
