a day ago
South Africa gets closer to full membership of Afreximbank
South Africa moved closer to becoming a full sovereign member of the Africa Export-Import Bank (Afreximbank), the continent's leading provider of trade finance, after the cabinet approved the plan, the government said on Thursday.
Membership of Afreximbank, as the lender with a balance sheet of $35bn (R620.80bn) is known, would give Africa's South Africa access to new trade investment products when its tariff row with the US has increased its need for new export markets.
Afreximbank has, however, in recent months been in a dispute about whether its loans to African nations should be restructured in the event of defaults.
The government said it would get a class A shareholding, meaning it would have an increased role in Afreximbank's governance.
That would include 'influence over its strategic direction, structure and leadership appointments', it said.
