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 held in 2014.
Afreximbank was among the 33 development financial institutions (DFIs) which submitted to the peer review by having their practices assessed under the AADFI Prudential Standards, Guidelines and Rating System (PSGRS).
In a letter transmitting the Certificate of AADFI Rating, Joseph Amihere, Secretary General of AADFI, said: “The purpose of the assessment is to assist the institution to identify areas of weakness with a view to taking corrective measures to address them. The results and rating obtained indicate the level of the institution’s compliance with best standards and practices in the areas assessed”.
The 2014 assessment covered governance, finance and operations in which Afreximbank came out with a weighted overall score of 94 per cent. The AA rating achieved by the Bank is the highest rating AADFI awards to DFIs.
The rating scores were awarded to institutions after their assessment results and transcripts were approved by the association’s executive committee during the AADFI annual meeting in Kuala Lumpur on 4 November 2014. The next peer review will take place in Kampala in November 2015.
AADFI was established in 1975 under the auspices of the African Development Bank as a continent-wide body for coordination and economic solidarity in Africa. It seeks to promote economic and social development through cooperation among banks and financial institutions; to stimulate cooperation for the financing of economic and social development; to promote exchange of information among its members; to accelerate economic integration; and to encourage studies on common problems.