Afreximbank is a multilateral financial institution whose main objective is to facilitate, promote and expand intra -and extra-African trade.

The Bank owes its origins to the African Development Bank (AfDB). At the 1987 Annual Meeting of the Board of Governors of the AfDB, held in Cairo, Egypt, African Ministers of Finance adopted a Resolution requesting the AfDB Management to conduct a study on the desirability of establishing a regional institution to provide trade finance facilities to promote trade. The greatest concern of the African Ministers was the very low levels of intra-African trade, the decline in financial flows to Africa, the worsening external debt situation of many African countries, and the sharp reduction of lending to African countries by foreign commercial banks. They were convinced that a specialized continental financial institution was needed to spearhead the expansion of intra- and extra-African trade.

The study on the establishment of Afreximbank was financed by the United Nations Development Programme (UNDP) and carried out by a multidisplinary team, which included African and non-African experts.

The feasibility study, initiated in 1987, was completed in 1992 when the final version of the study was presented to the Board of Directors of the AfDB for consideration. The main findings of the study were that there was significant financial and institutional gap in the area of trade finance in Africa, that existing facilities were inadequate and that the establishment of an African export-import bank would be viable for economic, financial and technical standpoints. It would complement rather than duplicate / or supplant existing multilateral, regional and national institutions, and would increase the level of both intra- and extra African trade.

The Board of Directors of the AfDB considered the feasibility study and the Management’s proposals recommending the participation of AfDB in the equity capital of Afreximbank, as a starting point in the establishment of the Bank. Following lengthy discussions, the Board approved, in principle the participation of AfDB in Afreximbank’s capital and authorized the AfDB President, Dr. Babacar Ndiaye, to initiate formal consultations with prospective shareholders from within and outside the African continent.

Extensive consultations were undertaken, which culminated in the holding of the first consultative meeting of potential shareholders in January, 1993 in Cairo, Egypt. The meeting was attended by over 100 potential shareholders. A Memorandum of Understanding was adopted, defining the objectives and the size and structure of the authorized capital of the proposed bank. A 15-member Preparatory Committee was also set up under the Chairmanship of the President of the AfDB, to oversee the establishment of Afreximbank. Following meetings of the Preparatory Committee in Harare in March, 1993 and the Constituent General Assembly in Abidjan in May, 1993, the first Annual General Meeting of Shareholders was held in Abuja, Nigeria in October, 1993. The founding shareholders then adopted the Agreement for the establishment of the Bank and the Banker’s Charter.

The Bank is headquartered in Cairo, the capital of the Arab Republic of Egypt.

The Bank commenced operations on September 30, 1994, following the signature of a Headquarters Agreement with the host Government in August, 1994.

The Afreximbank is owned by shareholders who are drawn from within and outside Africa, and consist of both public and private investors. The shareholders are divided into three categories:

CLASS A:
Class A has a 35 % authorized share capital and consists of independent African states and African, regional and sub-regional financial institutions and economic organizations.

CLASS B:
Class B has a 40% authorized share capital and consists of African public and private banks and financial institutions and African public and private investors.

CLASS C:
Class C has a 25 % authorized share capital and consists of non African international financial institutions and economic organizations and non-African banks, financial institutions and public and private investors.

The day to day management of the Bank and the implementation of policy decisions of the Board is the responsibility of the President, who is appointed by the General Meeting. The President will be assisted by a Senior Executive Vice-President and one or more Executive Vice-Presidents, who are appointed by the Board of Directors on the recommendation of the President.

At the Reconvened 11th General Meeting held Abuja Nigeria on January 27, 2005, Shareholders appointed Mr. Jean-Louis EKRA, an Ivorian citizen as President of the Bank for a term of office of five years. Mr. EKRA, who was Senior Executive Vice-President at the Bank, is a highly experienced banker, who started his banking career with Citibank. He was at one point the Managing Director of the Ivorian Post Office. Mr. EKRA holds a Masters degree from New York University. Mr. Ekra is replacing Mr. C.C. Edordu who was the pioneer President of the Bank.

The Bank’s credit facilities are available only to:

• Shareholders and/or non-Shareholders in “Participating States”, namely those states whose Ministries of Finance or Central Banks have subscribed to the Bank’s share capital and/or whose Governments have signed and ratified or acceded to the Bank Agreement;
  
• Shareholders in non-Participating States; and
  
• Non-Shareholders in non-Participating States but only to the extent that such financing will be used to pay for imports from a Participating State.
  

• Armaments, ammunition and other military equipment;
• Psychotropic drugs or narcotics;
• All items for which international trade is prohibited for environmental reasons or by international conventions; and
• Pornographic and obscene materials.

In addition, the Bank respects the trade policies of eligible countries and thus has country specific negative lists, corresponding to items which are prohibited for international trade in the eligible countries.

Prospective participants can access the programme by sending their application to the President of the Bank. The application must contain detailed information on the organization, ownership, history, management’s experience in the line of business; 3-year financial statement; as well as a detailed information on the transaction for which the financing is sought, the country of operation, etcetera.

A request should be sent to the President of the Bank indicating the number of shares and subscription class; (Class A, Class B or Class C).

The Afreximbank publishes several publications. While most of them can be downloaded from the Bank’s website, the Africa-in-Figures publication is obtainable only through subscription.

• Annual Reports
  • Annual Report 1994/95
  • Annual Report 1996
  • Annual Report  1997
  • Annual Report  1998
  • Annual Report  1999
  • Annual Report  2000
  • Annual Report  2001
  • Annual Report  2002
  • Annual Report 2003


• Trade Reports
  • African Trade Report 2001
  • African Trade Report 2002
  • African Trade Report 2003


• Africa at a Glance
  • Africa at a Glance 2003


• 10th Anniversary Publications
  • Ten Years of African Trade Finance: The Afreximbank Story.
  • Readings in African Economic & Trade Development Issues 1994 - 2003.
  • A Decade of Export-Import Financing: Financial and Operational Analysis: 1994 - 2003.


• Proceedings
  • Proceedings of Three Meetings of Afreximbank\'s Advisory Group on Trade Finance and Export Development in Africa
  • Proceeding of Private Sector Development Forum Held in Cairo, Egypt, May 1999


• Discussion Papers
  • Afreximbank Discussion Paper Series Volume I
  • Afreximbank Discussion Paper Series Volume II

The African Bankers’ Association (ABA) is an informal body which brings together African banks for the purpose of providing an institutional vehicle that facilitates greater interaction amongst African banks and bankers for the overall purpose of improving business relationships and managing banking risks.

Afreximbank is open for business from 09:00AM to 5 PM daily from Monday to Friday. Please call 202-578 0281/6 to request for an appointment with any of the Bank officials.

There are 47 employees currently working at the headquarters and branches offices of the Bank. They come from different African countries.

Afreximbank staff members can be contacted at any of the following contact addresses.