banking

$291.8mln injected to develop, digitize Afreximbank: Finance Minister

June 20, 2022

Afreximbank has managed to provide facilities to help African countries deal with the economic and health effects of the Coronavirus pandemic

Mohamed Maait, Minister of Finance and Chairperson of the General Assembly of the African Export-Import Bank (Afreximbank), said that the bank achieved good financial results throughout the past two years despite global challenges. Its income increased by 15% in 2021 compared to 2020, shareholder participation increased by 17%, and the capital of public money also increased to $2.6bn to meet the requirements of member states in dealing with global shocks. He pointed out that the Bank also managed to implement the five-year plan from 2017 to 2021, and launch the new strategy from 2022 to 2026. Moreover, the Fund for Export Development in Africa (FEDA) was funded. About $291.8m was injected to develop and automate the Bank. This contributes to strengthening governance and achieving the targets.

Chairing the General Assembly of Afreximbank in the new administrative capital, the minister said that the bank was able to present itself as a strong locomotive for construction and development in Africa. He noted that the volume of the bank’s joint cooperation with Egypt amounts to $6.5bn in all sectors.

The minister added that the Coronavirus pandemic made the pharmaceutical industry in Africa a top “continental priority”, and that joint cooperation efforts should be maximized to promote investment and inter-trade of pharmaceutical products to limit their import from outside Africa. This aims to deepen both economic and continental integration to protect African economies from global challenges. Maait also pointed out that many resources in medical tourism outside Africa are wasted even though Egypt and Nigeria possess the ingredients of successful medical tourism. “These resources can make these countries a destination that African peoples seek to visit instead of having to travel outside the continent,” he added.

The Minister indicated that Afreximbank has managed to provide facilities to help African countries deal with the economic and health effects of the Coronavirus pandemic, at a value of $8bn since March 2020 until now.

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