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Published On: Thu, Dec 6th, 2018

Afreximbank created to support African countries at all times, says Oramah

 African Export-Import Bank (Afreximbank) was created for the sole purpose of supporting African countries in both good times and bad times, said Prof. Benedict Oramah, President of the Bank.
He stated this on Wednesday, when the Minister of State and Economic Adviser to the President of Central African RepublicClaude Rameaux Bireau, led a five-member delegation to the Bank’s headquarters in Cairo.

At this event, the Central African Republic formalised its membership of the Afreximbank with the deposit of the instrument of the country’s ratification of the Bank’s Establishment Agreement with the continental trade finance institution.

Commenting on this development, the Afreximbank boss stated that the ratification of the Agreement by Central African Republic would make it possible for it to effectively do business in the country.

“The ratification grants us the special privileges and immunities that make it possible for us to take the risks that other commercial banks cannot”, Prof. Oramah explained.

He, however, announced that the Afreximbank had been reviewing six projects, which the country had identified as priorities to see how to support them, saying that Central African Republic, with its abundant resources, could be an investor’s paradise if well-marketed.

On his part, the Minister of State and Economic Adviser to the President of Central African RepublicClaude Rameaux Bireau, said that there are high expectations from Afreximbank, while looking forward to strengthened cooperation with the African lender.

Mr. Bireau said that Central African Republic would move quickly to take up shareholding in the Bank and announced that the government was already working with the African Development Bank to support it in that regard.

He added that the country would participate in the Intra-African Trade Fair, which was being organized by Afreximbank in collaboration with the African Union. The trade fair will take place in Cairo from 11 to 17 December.

Meanwhile, the Central African Republic had initiated the process of joining the Bank on 28 November 2017 when it presented an instrument of accession to the Bank Agreement to Prof. Oramah when he met with President Faustin-Archange Touadéra in Bangui.

Under the terms of the Agreement for the Establishment of the Bank, which was signed by Participating States in Abidjan on 8 May 1993, countries that did not sign on before it entered into force are required to first issue an instrument of acceptance and accession and then proceed to formally ratify the Agreement in order to fully activate their membership of the Bank.

Membership of the Bank gives the Central African Republic automatic access to the full range of products and facilities offered by Afreximbank, including trade finance facilities, project finance services, trade information, and advisory services, support in the development of a local content policy and assistance in developing and implementing industrial parks and special economic zones.

There are 50 countries currently on the list of Afreximbank participating and shareholding states, including Angola, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cape Verde, Chad, Central African Republic, Comoros, Côte d’Ivoire, Democratic Republic of Congo, Djibouti, Egypt, Equatorial Guinea, Eritrea, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, and Lesotho.

Others are Liberia, Madagascar, Malawi, Mali, Mauritania, Mauritius, Morocco, Mozambique, Namibia, Niger, Nigeria, Republic of Congo, Rwanda, Senegal, Seychelles, Sierra Leone, Sao Tome and Principe, South Africa, South Sudan, Sudan, Tanzania, Togo, Tunisia, Uganda, Zambia and Zimbabwe.

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