$291.8mln injected to develop, digitize Afreximbank: Finance Minister

$291.8mln injected to develop, digitize Afreximbank: Finance Minister

Mohamed Maait, Minister of Finance and Chairperson of the General Assembly of the African Export-Import Bank (Afreximbank), said that the bank achieved good financial results throughout the past two years despite global challenges. Its income increased by 15% in 2021 compared to 2020, shareholder participation increased by 17%, and the capital of public money also increased to $2.6bn to meet the requirements of member states in dealing with global shocks. He pointed out that the Bank also managed to implement the five-year plan from 2017 to 2021, and launch the new strategy from 2022 to 2026. Moreover, the Fund for Export Development in Africa (FEDA) was funded. About $291.8m was injected to develop and automate the Bank. This contributes to strengthening governance and achieving the targets.

Chairing the General Assembly of Afreximbank in the new administrative capital, the minister said that the bank was able to present itself as a strong locomotive for construction and development in Africa. He noted that the volume of the bank’s joint cooperation with Egypt amounts to $6.5bn in all sectors.

The minister added that the Coronavirus pandemic made the pharmaceutical industry in Africa a top “continental priority”, and that joint cooperation efforts should be maximized to