The Association of African Development Finance Institutions (AADFI) has awarded the African Export-Import Bank (Afreximbank) a rating of AA following the latest peer review of its member institutions.
In a letter transmitting the Certificate of AADFI Rating to Afreximbank, Joseph Amihere, Secretary-General of the association, said that the rating was being granted in line with the AADFI’s Prudential Standards Guidelines and Rating System following Afreximbank’s participation in the Third Peer Review of the Member Institutions which took place in Mombasa, Kenya in November 2013.
The peer review assessed the institutions in the areas of governance, finance and operations in which Afreximbank achieved a weighted score of 94 per cent.
The assessments are held to assist institutions to identify areas of weakness in order to enable them take corrective measures. The results and ratings obtained by each institution is an indication of its compliance with best standards and practices in the areas assessed.
Established in 1975 under the auspices of the African Development Bank as a continent-wide body for coordination and economic solidarity in Africa, AADFI seeks to: promote economic and social development in Africa through cooperation among banks and financial institutions; stimulate cooperation for the financing of economic and social development; promote exchange of information among its members; accelerate economic integration in Africa; and encourage studies on common problems.