The former president of Nigeria, Olusegun Obasanjo has been made the Chairman of the African Export-Import Bank (Afreximbank) Advisory Council for the 2018 inaugural Intra-African Trade Fair (IATF). This was made known at the inauguration of the members of the Advisory Council of the trade fair scheduled to hold in Cairo from 11 to 17 December 2018.
At the inaugural meeting of the Council in Kigali, Afreximbank President, Benedict Oramah said that the role of the body is to be the main driver for the planning of the trade fair in order to ensure that it achieved the objective of driving intra-African trade.
Jean-Louis Ekra, a former President of Afreximbank, is the Deputy Chairman of the Advisory Council.
Also represented on the Council are the African Union Commission; the African Development Bank; the Pan-African Chamber of Commerce and Industry; the World Trade Centre, Miami; the International Trade Centre; Egypt, as the host country, the AfroChampions Initiative; and PixyKorner, the professional trade fair organizer retained for the event. Afreximbank is serving as the Secretariat.
Dr. Oramah announced that Egypt was selected as the preferred host for the inaugural fair following a competitive bidding process. He further stated that the fair would take place every two years.
The meeting of the advisory Council marked the culmination of a series of activities relating to the trade fair which Afreximbank had organized on the sidelines of the Extraordinary Summit of the African Union. The Extraordinary Summit was convened for the signing of the Agreement for the African Continental Free Trade Area.
What you should know about Afreximbank
Afrexim Bank is the foremost Pan-African multilateral financial institution devoted to financing and promoting African trade.
It was established under two basic constitutive instruments which are the agreement signed by the member states and multilateral organizations, which gives the bank the status of an international multilateral organization and the Charter, which governs its corporate structure and operations.
The bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors.
Afrexim Bank commenced operations on 30 September 1994, following the signature of a headquarters agreement with the host government in August 1994. Since 1994, it has approved more than 51 billion dollars in credit facilities for African businesses, including about 10.3 billion dollars in 2016.
The bank is based in Cairo, Egypt and it is rated BBB+ (GCR), Baa1 (Moody’s), and BBB- (Fitch) and has total assets of 9.4 billion dollars as at April 30, 2016.
Countries currently on the list of Afreximbank participating and shareholding states include Angola, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cape Verde, Chad, Comoros, Côte d’Ivoire, Democratic Republic of Congo, Djibouti, Egypt, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, and Lesotho. Others are Liberia, Madagascar, Malawi, Mali, Mauritania, Mauritius, Morocco, Mozambique, Namibia, Niger, Nigeria, Republic of Congo, Rwanda, Senegal, Seychelles, Sierra Leone, Sao Tome and Principe, South Africa, South Sudan, Sudan, Tanzania, Togo, Tunisia, Uganda, Zambia and Zimbabwe.