2. december 2020

Agreement For The Establishment Of The African Export-Import Bank

The agreement on the creation of the Afreximbank Bank, concluded in Abidjan in 1993, provides that countries that did not sign it before it came into force first issue an instrument of recognition and membership, and then formally ratify it in order to fully activate their membership of the Bank as participating states. Afreximbank was founded in 1993. The agreement establishing the Bank was signed on 8 May 1993 in Abidjan by the Member States and gives the Bank the status of an international organization with a full personality, in accordance with the laws of the participating States. Under the agreement, participating states grant the Bank certain immunities, exemptions, privileges and concessions on their territory to facilitate banking in these areas. Media Contact: Obi Emekekwue ( Telephone 202-2456-4238) Afreximbank began in 1993 with a starting capital of $750 million, but the bank`s authorized share capital was increased to $5 billion on December 8, 2012. [8] The African Export-Import Bank, also known as Afreximbank, is a multilateral pan-African trade finance institution established in 1993 under the aegis of the African Development Bank. The headquarters are in Cairo, Egypt. Afreximbank`s vision is to be the commercial finance bank for Africa. [2] The ratification of the agreement marks the full activation of Chad`s membership in Afreximbank and allows the Bank to make full use of its programmes and facilities in the country to stimulate trade activities and develop value-added exports in its economic sectors. It also provides the Bank with the opportunity to allocate urgent financing for the construction of commercial infrastructure in the country. The African Export Import Bank (Afreximbank) is the leading pan-African multilateral financial institution dedicated to financing and promoting intra-African and non-African trade. The bank was established in October 1993 by African governments, African private and institutional investors and non-African investors.

Its two basic constituent documents are the founding agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and activities. Since 1994, the company has approved more than $41 billion in credit facilities for African businesses, including about $6.2 billion in 2015.