Latest news with #Oramah
Libya Review
30-05-2025
- 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.
Broadcast Pro
14-05-2025
- Business
- Broadcast Pro
Afreximbank and FEDA launch $1bn Africa Film Fund
The fund aims to boost production and global distribution of quality African films and TV, enhancing the continent's cultural impact worldwide. The African Export-Import Bank (Afreximbank), through its impact investment subsidiary, the Fund for Export-Development in Africa (FEDA), has announced the establishment of the Africa Film Fund, a landmark initiative set to reshape the future of filmmaking and the broader creative sector across the African continent. Launched under the Bank's Creative Africa Nexus (CANEX) programme, the fund represents a transformative commitment of up to $1bn to stimulate the growth of Africa's film and audiovisual industries. Professor Benedict Oramah, President of Afreximbank and Chairman of the Boards of both Afreximbank and FEDA, emphasised the strategic importance of this initiative, describing film as a foundational pillar of the CANEX programme. He noted that while Africa's creative sector has expanded rapidly in recent years, it continues to face persistent challenges, including limited funding, difficulty scaling productions, and restricted access to international markets. The Africa Film Fund, he explained, aims to close these gaps and enable African creators to achieve global reach. Oramah added that the Fund will work in tandem with complementary efforts such as the CANEX Shorts Awards to elevate diverse African narratives. These initiatives, he said, reflect Afreximbank's broader vision to harness the power of culture as an economic engine and a tool for global influence. The Africa Film Fund was first proposed during the CANEX Weekend 2024 in Algiers, where Afreximbank pledged to create a private equity vehicle via FEDA to support film production and distribution across the continent. The Fund will serve as a critical lever to boost both the quality and reach of African film and television projects, helping to export Global Africa's cultural identity while drawing essential investment into the sector. According to the UNESCO Institute for Statistics, the African film and audiovisual industry already contributes an estimated $bn in annual revenue and employs more than 5m people. Yet the sector faces notable structural obstacles, including limited access to production and post-production facilities, a dearth of exhibition venues—with fewer than 2,000 cinema screens continent-wide—and inadequate availability of digital distribution platforms. The Africa Film Fund is designed to address these issues comprehensively, not only by providing capital but also by nurturing an enabling ecosystem for creators. Marlene Ngoyi, CEO of FEDA, highlighted the Fund's broader mission, stating that the initiative is about more than just financing—it's about empowering African talent, fostering cultural exchange, and driving sustainable economic transformation. She emphasised FEDA's commitment to ensuring that the Fund yields long-term, inclusive benefits across the creative landscape. Kanayo Awani, Executive Vice-President of Intra-African Trade and Export Development at Afreximbank, reinforced this sentiment, noting that the Fund offers African storytellers access to the tools, platforms, and visibility necessary to share their narratives on the global stage. For Awani, the creative economy is a strategic asset—one that contributes not only to cultural expression but also to youth empowerment, economic resilience, and regional integration. The announcement has drawn enthusiastic support from influential figures in the global entertainment industry. Viola Davis, EGOT-winning actress and co-founder of JVL Media LLC, praised the initiative for giving voice to Africa's rich storytelling tradition. 'African stories are deeply human and universally powerful,' Davis said. 'This Fund is an invitation to the world to see Africa through the lens of its own creators—bold, unfiltered, and rich in truth.' Boris Kodjoe, acclaimed actor and Managing Partner of FC Media Group, also expressed his excitement about the Fund, calling it the realisation of a long-held dream to produce global stories rooted in African experiences. Kodjoe welcomed the partnership with Afreximbank and FEDA as a vital step toward developing high-quality, internationally resonant content. With this bold investment in the future of African cinema, Afreximbank and FEDA are positioning the continent's creative industries at the centre of a new cultural and economic renaissance—one driven by authentic African voices and stories with universal appeal.
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.'
Egypt Today
15-04-2025
- Business
- Egypt Today
Focus Africa Trade and Investment Forum kicks off with bold calls for regional integration
Focus Africa 2025 CAIRO - 15 April 2025: The Focus Africa Trade and Investment Forum (Focus Africa) officially kicked off Tuesday in Cairo, bringing together African leaders, policy-makers, and private sector stakeholders under the theme: 'Unlocking Trade and Investment Opportunities in the Context of the AfCFTA.' Held on April 15–16, the forum opened with a strong message from Prof. Benedict Oramah, President of Afreximbank, who emphasized that 'Africa must now draw strength from within' as global powers reposition and traditional economic policies shift. 'Globalization is on life support,' Oramah warned, pointing to growing protectionism, particularly since the Trump administration, as a key factor reshaping global trade. He added: 'If we integrate our markets, control our resources, and invest wisely in our development, we can create our own model of internal globalization — one that uplifts our people and drives sustainable growth.' Oramah outlined Africa's economic trajectory, highlighting that while trade on the continent surged from $50 billion in 1985 to $1.4 trillion in 2020, intra-African trade still lags, accounting for only 15% of the continent's total trade. 'Despite a 600% growth in intra-African trade between 1995 and 2020, we must do more,' he said. Addressing investment flows, Oramah noted that foreign direct investment to Africa has grown 18-fold since 1990, reaching $52 billion. However, investment has plateaued over the past decade, averaging only $2 billion per year. He warned against the dumping of excess goods from developed economies into African markets, which could harm local industries. In her keynote address, Egypt's Minister of Planning, Economic Development and International Cooperation, Rania Al-Mashat, underscored Egypt's commitment to positioning itself as a gateway for investment across the continent. 'Africa today stands at a pivotal moment,' she stated. 'The AfCFTA—the world's largest free trade area—represents an unprecedented opportunity for industrialization and economic growth.' She highlighted that 63% of Egypt's investments now come from the private sector, driven by reforms and an improved business climate. Egypt aims to attract $60 billion in foreign direct investment (FDI) and increase annual exports to $145 billion by 2030, leveraging its strategic location to become a regional trade and manufacturing hub. Al-Mashat also introduced the Hub for Advisory, Finance & Investment for Enterprises (HAFIZ), a new digital platform that consolidates financial and advisory services, tenders, and business support tools for African enterprises. 'It is our way of bridging the information and accessibility gap holding back SMEs from scaling,' she explained. Echoing the call for unity, Mohamadou Labarang, Dean of the African Ambassadors' Group in Cairo, stressed the importance of smart partnerships in the post-AfCFTA era. 'Africa is no longer just offering raw materials — we are offering innovation, ideas, markets, and a new generation of globally competitive business leaders,' he said. 'Let us shift from potential to performance, from promise to prosperity.' The two-day forum continues with panels on industrialization, logistics, digital trade, and cross-border investment, as African leaders and businesses work toward building a stronger, more integrated continental economy.
Zawya
24-02-2025
- Business
- Zawya
Samaila Zubairu of Africa Finance Corporation (AFC) Succeeds Prof. Benedict Oramah of Afreximbank to Lead the Alliance of African Multilateral Financial Institutions (AAMFI)
The Alliance of African Multilateral Financial Institutions (AAMFI), also known as the Africa Club, has announced the appointment of Samaila Zubairu as its new Chairperson. Mr. Zubairu, President and CEO of the Africa Finance Corporation (AFC), succeeds AAMFI's founding Chair, Prof. Benedict Oramah, President and Chairman of the Board of Directors of African Export-Import Bank (Afreximbank). His appointment was confirmed at the fifth meeting of the AAMFI Governing Council on 16 th February 2025, on the sidelines of the 38 th African Union Summit in Addis Ababa. Additionally, Dr Corneille Karekezi, Group Managing Director and CEO Africa Re Corporation (Africa Re) and Mr Manuel Moses, Chief Executive Officer of the African Trade&Investment Development Insurance (ATIDI), were appointed as the first and second Vice Chairpersons of the AAMFI Governing Council, respectively. Established in 2024, AAMFI brings together Africa's leading multilateral financial institutions to promote sustainable economic growth and financial self-reliance for the continent. The Alliance plays a critical role in strengthening intra-African collaboration, mobilising capital for development, and advocating for Africa's economic interests on the global stage. Under Prof. Oramah's leadership, AAMFI made significant strides, including its successful launch by African Heads of State in February 2024, the adoption of its governing Charter, the admission of 3 new members: Fund for Export Development in Africa (FEDA), African Solidarity Fund (ASF), and East African Development Bank (EADB), increasing its membership from seven founding members to a total of ten members. Prof. Oramah's leadership also saw the endorsement and recognition of AAMFI by key African Union organs and stakeholders, as well as successful elevation of the profile of the Alliance highlighting its key role in shaping discussions around African multilateral and development finance. "I want to thank the leadership of AAMFI for entrusting me with this mandate. Looking back at what we have achieved, I am reminded of the immense potential and responsibility that lies ahead. AAMFI has laid a strong foundation for Africa's financial sovereignty, but there is still much more to be done. I am confident that under the leadership of Mr. Samaila Zubairu, the Africa will continue to drive impactful collaborations and innovative financial solutions to accelerate Africa's economic transformation," said Prof. Oramah, in his statement during the handover ceremony. " As Chair, Zubairu will drive collaborative growth by strengthening partnerships among member institutions, African governments, and global agencies to build a robust financial architecture. His agenda prioritizes youth empowerment through industrialization, financial literacy, and pension reforms, strategic investments in infrastructure, and developing capital markets to enhance liquidity and intra-African investment. He will also advocate for cross-border capital mobilization and early warning systems to prevent financial vulnerabilities, ensuring Africa's economic resilience and long-term prosperity. While accepting the Chairmanship of the AAMFI for 2025, Mr Zubairu said: I am deeply honored to assume the chairmanship of AAMFI at this pivotal moment for Africa's economic transformation. Our collective mission is clear—to build a robust financial architecture that captures and retains value within the continent, mobilizes African capital for African priorities, and accelerate the infrastructure development that enables industrialization. By fostering deeper intra-African collaboration, and strengthening our institutions, we will unlock opportunities that create high-quality jobs, drive innovation, and secure our long-term economic resilience. I look forward to working with my esteemed colleagues to chart a path toward true financial sovereignty and sustainable prosperity for Africa.' Mr. Zubairu's leadership of AFC since 2018 has been pivotal to mobilising capital for infrastructure, industrialization and trade across Africa. AFC leads some of the continent's most significant infrastructure projects, including the Lobito Corridor, Africa's largest rail project, and transformative renewable energy initiatives such as the Lekela Power and Red Sea Power wind generation projects, and Xlinks, which is set to export electricity from the Sahara to Europe. Under his stewardship, AFC has doubled assets invested to $15 billion, and expanded membership from 18 countries to 44, representing 80% of African nations. Members commended Prof. Oramah on his successful leadership and tenure and pledged their commitment and support towards a successful year for Mr Zubairu as the new Chairperson of AAMFI. AAMFI members include AFC, Afreximbank, Trade and Development Bank Group (TDB Group), African Reinsurance Corporation (Africa Re), African Trade and Investment Development Insurance (ATIDI), Shelter Afrique Development Bank (SHAFDB), ZEP-RE (PTA Reinsurance Company), East African Development Bank (EADB), African Solidarity Fund (ASF), and the Fund for Export Development in Africa (FEDA). Distributed by APO Group on behalf of Africa Finance Corporation (AFC). For further information, please contact: communications@ About AAMFI: The Alliance of African Multilateral Financial Institutions (AAMFI) is an alliance of African-owned and controlled African Multilateral Financial Institutions (AMFIs), which was established to advance the interests of their African member states in global finance and to advocate for AMFI's role in protecting and promoting them. AAMFI's mandate is to promote collaboration, cooperation, and coordination among its members in finding solutions aimed at promoting as well as supporting Africa's sustainable economic development and integration objectives, in line with member institutions' respective mandates and in furtherance of their development objectives. AAMFI's founding members include Africa Finance Corporation (AFC); African Export-Import Bank (Afreximbank); Trade and Development Bank Group (TDB Group); African Reinsurance Corporation (Africa Re); African Trade and Investment Development Insurance (ATIDI), Shelter Afrique Development Bank (SHAFDB); and ZEP-RE (PTA Reinsurance Company). East African Development Bank (EADB), the African Solidarity Fund (ASF), the Fund for Export Development in Africa (FEDA) are the Alliance's latest addition to the membership. The Alliance was launched in collaboration with the African Union Commission on the 17 th of February 2024 in Addis Ababa, Ethiopia. AAMFI members have matured over the past decades, with a collective balance sheet of over US$70 billion deployed specifically to address the critical trade, investment and development gaps across the continent.
