African Export–Import Bank: A Comprehensive Guide

The African Export-Import Bank is a vital institution for African countries, providing financing and trade facilitation services to promote economic growth and development. Established in 1993, it has a strong presence in the continent with 52 member countries.

The bank's headquarters is located in Cairo, Egypt, and it has a total capital of $2 billion. Its main objective is to promote African trade and economic integration by providing financing to countries and private sector companies.

African Export-Import Bank has a wide range of products and services, including export credits, import credits, and project financing. These financial instruments help African countries to improve their trade balances and develop their infrastructure.

The bank's operations are guided by a strong governance framework, with a board of directors and a management team that oversee its activities.

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Afreximbank's mission is to stimulate a consistent expansion, diversification, and development of African trade while operating as a first-class, profit-oriented, socially responsible financial institution and a center of excellence in African trade matters.

The bank's mandate is to finance and promote intra- and extra-African trade using four strategic pillars: Promote Intra-African Trade, Facilitate Industrialization and Export Development, Leadership in Global Trade Banking in Africa, and Financial Stability.

Afreximbank was established in 1993 and serves as Africa's Export-Import Bank, dedicated to promoting and financing intra- and extra-African trade. It was formally established during its constituent general assembly on May 8, 1993, held at the African Development Bank (AfDB) headquarters in Abidjan.

The bank's authorized share capital was increased to US$5 billion on December 8, 2012, and further increased to US$6.5 billion on October 28, 2021, to expand its capacity to deliver on its core mandate and diversify its range of services.

Here are the four strategic pillars of Afreximbank's mandate:

Afreximbank's mission is to stimulate a consistent expansion, diversification, and development of African trade, while operating as a first-class, profit-oriented, socially responsible financial institution and a center of excellence in African trade matters.

The bank's mandate is to finance and promote intra- and extra-African trade, with four strategic pillars that guide its activities:

Afreximbank's mission is ambitious, and it's clear that the bank is committed to making a significant impact on African trade.

Afreximbank was established in 1993 as Africa's Export-Import Bank, dedicated to promoting and financing intra- and extra-African trade.

The Bank's foundation was formalized during its constituent general assembly on May 8, 1993, held at the African Development Bank (AfDB) headquarters in Abidjan.

Participating states signed the Agreement establishing the Bank, while those wishing to become shareholders endorsed the Bank's Charter.

Afreximbank was officially launched in October 1993 during its inaugural General Meeting of Shareholders in Abuja, where Mr. Christopher Edordu was appointed its first President.

Operations commenced in 1994, marked by the Bank's participation in a $150 million syndicated loan to Ghana’s Cocoa Board, contributing $6.5 million to the transaction.

By the end of 2023, Afreximbank's total assets and guarantees reached $37.3 billion, with shareholder funds amounting to $6.12 billion.

Between 2016 and 2022, the Bank disbursed over $86 billion to support African economies.

From 2020 to 2022, Afreximbank provided approximately $50 billion on a revolving basis to help African nations manage the economic impact of the COVID-19 pandemic and the Ukraine crisis, and drive economic recovery across the continent.

Prof. Benedict O. Oramah is the President and Chairman of the Board of Directors of the African Export – Import Bank, also known as Afreximbank.

He has significantly grown the Bank and increased its global appeal during his tenure.

As the President of Afreximbank, Prof Oramah is leading the implementation of the African Continental Free Trade Agreement.

Under his leadership, Afreximbank is creating digital platforms to boost intra-regional trade and revolutionize cross-border payments in Africa.

Prof Oramah is also supporting the harmonization of standards and the development of quality infrastructure across Africa.

The Bank is implementing the Collaborative Transit Guarantee Scheme for Africa to make it easier and more efficient to move goods across the Continent.

Prof. Oramah is actively supporting the continental response to the COVID-19 pandemic.

Through direct financing to African public and private sector, the Bank is helping to mitigate the economic impact of the pandemic.

As the Chair of the Board of Trustees of the African Union COVID-19 Response Fund, President Oramah is coordinating grant mobilization and efficient utilization across Africa.

He has received several awards and honors for his contributions, including the Russian State award of the Order of Friendship and the Cameroonian Government's "Knight of the National Order".

Eligible transactions at the African Export–Import Bank (Afreximbank) support the exchange of goods and services between South Africa and other African countries.

These transactions include projects sponsored by South African companies in other African countries, projects sponsored in South Africa with an export orientation, capital and investment flows between South Africa and other African countries, and investments in manufacturing and processing of goods and services for trade between the two regions.

Transactions that are not eligible for support include armaments, ammunition, and other military equipment, psychotropic drugs or narcotics, items prohibited by international conventions or for environmental reasons, and pornographic and obscene materials.

To be eligible for the Afreximbank Group Internship Programme, applicants must be current graduate or undergraduate students with a strong academic record.

Applicants must also have fluency in English or French, with proficiency in Arabic or Portuguese considered a bonus.

The internship programme requires a full-time commitment of 3–6 months, working on-site at Afreximbank’s headquarters or another regional office.

The African Export–Import Bank has a unique shareholding structure, which is divided into four categories as of December 2023.

The bank's shareholders total 164, and they are categorized into Class "A", Class "B", Class "C", and Class "D" shareholders.

Class "A" Shareholders comprise African governments, African continental, regional, and sub-regional institutions, and economic zones.

Class "B" Shareholders are made up of African Private Investors and African National financial institutions.

Class "C" Shareholders include international financial institutions and economic organizations, non-regional financial institutions, and non-African Private Investors.

Class "D" Shareholders were created in December 2012 and are open to subscription by any investor, African or non-African.

Afreximbank offers a range of services and initiatives to support African trade and economic development. The bank has evolved into a group entity comprising the Bank itself, its impact investment subsidiary—the Fund for Export Development in Africa (FEDA)—and its insurance management subsidiary, AfrexInsure.

Afreximbank's Africa Quality Assurance Centre (AQAC) provides modern testing, inspection, and certification services to meet international standards. This helps address quality challenges faced by African exporters and supports Africa's industrialization.

By enhancing product quality and compliance, AQAC enables African goods to access and thrive in regional and global markets.

Afreximbank has evolved into a group entity, comprising the Bank itself, its impact investment subsidiary - the Fund for Export Development in Africa (FEDA), and its insurance management subsidiary, AfrexInsure.

Afreximbank's group entity is a significant development, allowing the organization to expand its services and reach more customers across Africa.

AfrexInsure, a wholly owned subsidiary of Afreximbank, is an insurance management services company dedicated to providing specialty insurance solutions tailored to support trade and investment across Africa.

Headquartered in Mauritius, AfrexInsure was officially launched during Afreximbank's 2023 annual meeting in Accra.

Afreximbank's group entity also includes partnerships with various development banks, such as the African Development Bank, the Caribbean Development Bank, and the Trade and Development Bank.

Here's a list of some of the development banks Afreximbank has partnered with:

In addition to its subsidiaries and partnerships, Afreximbank drives various initiatives aimed at advancing trade, investment, and economic development across Africa.

The FEDA Fund for Export Development is a significant initiative in Africa, backed by Afreximbank. Afreximbank provided an initial sum of US$100 million for FEDA's full operationalization.

FEDA's headquarters is located in Kigali, Rwanda.

Afreximbank has partnered with several institutions to launch MANSA, a collaborative platform for customer due diligence and know-your-customer information.

MANSA is designed to enable global institutions to access African entities' CDD profiles and information, and to conduct customer due diligence on African entities, financial institutions, corporate, and SMEs.

This platform is especially focused on African financial institutions and corporate, aiming to facilitate smoother transactions and reduce the complexity of customer due diligence processes.

Afreximbank's partnership with various institutions has made MANSA a valuable resource for global institutions, partners, and counter-parties looking to engage with African entities.

The Africa Quality Assurance Centre (AQAC) is an initiative by Afreximbank aimed at ensuring the competitiveness of African products in global markets.

AQAC provides modern testing, inspection, and certification services to meet international standards, addressing quality challenges faced by African exporters.

The first AQAC centre was set up in Nigeria to enhance product quality and compliance, supporting Africa’s industrialization and fostering trade.

By boosting confidence in African goods, AQAC enables them to access and thrive in regional and global markets.

Afreximbank is expanding its presence in the Caribbean with a significant investment in Barbados. The African Export-Import Bank is building a US$180 million Afreximbank Africa Trade Centre (AATC) in Barbados.

The centre will be a 12-storey office building alongside a 100-key, four-star hotel with conference facilities and exhibition space. The area is being gifted by the Barbados government.

The AATC is expected to open by September 2027 and will serve as a hub for trade and investment between Africa and the Caribbean.

Afreximbank has a significant presence in various regions across Africa and the Caribbean. The bank has six regional offices that serve as hubs for its operations.

Afreximbank's regional offices are strategically located in major cities in each region. This allows the bank to better serve its clients and partners.

Here are the locations of Afreximbank's regional offices:

Having regional offices allows Afreximbank to be more responsive to the needs of its clients and partners in each region.

Afreximbank is expanding its regional presence by building a $180M centre in Barbados. This is the bank's first trade centre located outside of Africa.

The centre, Afreximbank Africa Trade Centre (AATC), is expected to be opened by September 2027. It's a significant investment that will bring increased trade and investment into the region.

The Barbados government has gifted a two-acre area for the project, which will be transformed into a state-of-the-art, 12-storey office building and a 100-key, four-star hotel. The hotel will have a conference centre, exhibition space, meeting rooms, and a SME business innovation and incubation hub.

Afreximbank President Professor Benedict Oramah has expressed his vision for the centre, stating that it will send a message to the world that Africa and Caricom are committed to working together.