Afreximbank keen on working with Walvis Bay Corridor Group
Aiding one of its latest involvements, the initialisation of the African Corridor Management Alliance (ACMA), the African Export-Import Bank (Afreximbank) has now become one of Walvis Bay Corridor Group’s (WBCG) latest partners.
According to recent developments, Afreximbank is keen on working with WBCG to explore the financial support of private sector investment as part of Namibia’s dream in becoming a logistics hub for the Southern African Development Community (SADC).
An institution established to support trade progress in Africa, Afreximbank has remained true to its mission objective of stimulating a consistent expansion, diversification and development of African trade, whilst remaining dedicated as a socially responsible financial institution.
The Bank celebrates more than two decades of existence, with recent commitments including a US$250 million in oil sector financing with Congo-Brazzaville, signing a Memorandum of Understanding (MoU) with the African Capacity Building Foundation to build capacity for research and policy formulation and another MoU with Ecobank Transnational to jointly finance private sector projects.
Conceived by African Governments and private and institutional investors as well as non-African financial institutions and private investors, this continental trade finance Bank is headquartered in Cairo, Egypt, with a second branch in Asokoro, Abuja, the capital city of Nigeria. The bank’s third branch is located in Zimbabwe.
By addressing inhibitions to trade development on the continent following the severe global and African economic difficulties that emerged at the beginning of the 1980’s, the Bank has used the same conditions that necessitated its creation, to overcome conditions detrimental to Africa’s economic development aspirations. In the run-up to the establishment of the Bank, African economies experienced serious economic difficulties as a result of the unfavourable external economic environment, poor management and severe external debt.
The bank hopes to encourage intra-African trade by supporting the development of continental supply chains and export manufacturing capacity. Afreximbank includes trade in goods and services between Africa and Africans and is particularly keen to support the development of the agro-processing, light manufacturing and tradable service sectors.
Considering that the Bank survived its first twenty years successfully, the ability to fulfil its mandate of promoting African trade development whilst operating as a commercial viable entity, maintains to pioneer the bank to a bright future. Although challenges are a part of the everyday operations, the Bank endeavours to be as adaptive as ever in order to fulfil its mission effectively.