- The report adds that “the stable outlook is supported by the Bank’s successful equity-raising performance and its track record of adapting its strategy to challenges in the operating environment of member countries without undermining its asset-quality performance.
- Afreximbank has ratings assigned by GCR (international scale) (A-), Moody’s (Baa1), and Fitch (BBB-). The Bank is headquartered in Cairo, Egypt.
- Between 2015 and 2019, Afreximbank disbursed more than US$30 billion in support of African trade with over US$15 billion channeled towards the financing and promotion of intra-African trade.
- The Bank’s ultimate goal is the realisation of Africa’s strategic ambition to create an integrated market.
- At the end of 2019, the Bank’s total assets and guarantees stood at USD$15.5 billion and its shareholders’ funds amounted to US$2.8 billion.
- Voted “African Bank of the Year” in 2019, the Bank disbursed more than US$31billion between 2016 and 2019.
African Export-Import Bank (Afreximbank), Africa’s foremost multilateral trade finance institution, announces that the global credit rating agency Moody’s, on 14 July affirmed the Bank’s long-term credit rating at Baa1, with a stable outlook.
The agency determines its rating for supranational based on three criteria: capital adequacy, liquidity, and funding and strength of member support.
Moody’s notes that Afreximbank’s credit profile is “supported by its collateralized trade finance business model, with a short average asset maturity and a relatively well-diversified loan portfolio that allows it to respond flexibly to the coronavirus crisis.”
The report adds that “the stable outlook is supported by the Bank’s successful equity-raising performance and its track record of adapting its strategy to challenges in the operating environment of member countries without undermining its asset-quality performance.”
“Afreximbank is delighted by the outcome of Moody’s credit review, considering the challenges posed by COVID-19. As well as having a profit-oriented business model, the Bank has a developmental mandate and a responsibility to all its members states to intervene in times of emergency. We have acted decisively with the launch of the Pandemic Trade Impact Mitigation Facility (PATIMFA). We look forward to continuing supporting the Bank’s member countries in a prudent and impactful manner.”
Prof. Benedict Oramah, President of Afreximbank
At the end of 2019, the Bank’s total assets and guarantees stood at USD$15.5 billion and its shareholders funds amounted to US$2.8 billion.
Voted “African Bank of the Year” in 2019, the Bank disbursed more than US$31billion between 2016 and 2019. Afreximbank has ratings assigned by GCR (international scale) (A-), Moody’s (Baa1) and Fitch (BBB-). The Bank is headquartered in Cairo, Egypt.
The proposal to raise an additional US$500 million in equity within Afreximbank’s current Strategic Plan dubbed “IMPACT 2021-Africa transformed”. The approval to raise additional equity was in recognition that an amount of US$1 billion earlier authorized to be mobilized had almost been fully raised.
Shareholders of African Export-Import Bank (Afreximbank) voted and re-appointed Prof. Benedict Oramah as President of the Pan-African multilateral financial institution for a second 5-year term.
In-office since 2015, Prof. Oramah’s re-appointment was one of the key decisions taken by shareholders during the Bank’s 2020 General Meeting.
In an acceptance statement released shortly thereafter, President Oramah told Shareholders that the Bank’s ultimate goal under his second term of office is the realisation of Africa’s strategic ambition to create an integrated market.
“We want an Africa where the foundations of the African Continental Free Trade Agreement (AfCFTA) are laid expeditiously so that the 84,000 kilometres of borders that have divided us for ages can begin to come down,” said prof. Oramah who added that AfCFTA would “drive the industrialisation of Africa, support the emergence of regional value chains, turn Africa’s creative and cultural assets into engines of growth, grow jobs for the continent’s youth, convey respect to Africans wherever they may be and better prepare the continent to compete more effectively in the global markets.”
“We will aim to double intra-African trade financing so that by the end of my term, it will constitute no less than 40% of the Bank’s total assets, with aggregate disbursements, on a revolving basis, over the 5 years exceeding US$30 billion.”
Prof. Oramah
