The African Export-Import Bank’s (Afreximbank) permitted share capital has been increased from $5 billion to $25 billion by the shareholders’ approval.
The bank acknowledged the rise in response to the difficulties facing the African continent in a statement obtained by BusinessDay on Wednesday.
According to the bank, it also gives it the ability to support the expansion and development that the African continent is expected to experience, in keeping with its mission to advance trade on the continent and reaffirm its importance on the world stage.
At its 31st annual general meeting (AGM), which was held recently in Nassau, The Bahamas, the bank also announced some changes to the board.
Aliyu Ahmed was elected to be replaced by Lydia Shehu Jafiya. Jafiya is the Federal Ministry of Finance’s permanent secretary in the Federal Republic of Nigeria.
The board seat recommended by the African Development Bank was filled by Amadou Hott. Hott is the president of the African Development Bank (AfDB) Group’s special envoy to the Alliance for Green Infrastructure in Africa at the moment. Hott served as Senegal’s minister of cooperation, planning, and the economy before this appointment.
Noël Jean-Marie Mani was chosen to be replaced by Mekulu Mvondo Akame. At the moment, Mekulu Mvondo Akame serves as the director general of Cameroon’s National Social Insurance Fund (CNPS).
Lili Yang was chosen to be replaced by Yu Wen. At the Export-Import Bank of China (CEXIM), Yu Wen is the general manager of the international department.
Benedict Oramah, the president and chairman of Afreximbank’s board of directors, commented on these developments, saying, “Afreximbank is incredibly appreciative of the outgoing board members’ contributions to both the bank and Africa. For many years, they were a part of a strong team that helped Africa overcome key obstacles, formed alliances, and significantly contributed to the Bank’s vision for Africa. We are happy to have you join our board. We look forward to their support and insight as we strive to build a prosperous Global Africa. Together, we will restore dignity and pride to Africans around the world.”
He continued, saying: “Shareholders’ resounding support of the Bank’s historic rise in capital from US$5 billion to US$25 billion demonstrated their unwavering faith in the Bank’s management, board, and mission. With this action, we now have the breathing room we need to raise the money required to establish a bank that will cater to all Africans.”
