Cairo, 24 March 2020: – The Board of the Fund for Export-Development in Africa (FEDA), an equity, development impact-oriented subsidiary of African Export-Import Bank (Afreximbank) has appointed Mr. Emmanuel Assiak as Acting Chief Executive Officer (CEO) effective March 11, 2021, until the recruitment of a substantive CEO is finalised.
Mr. Assiak has more than 28 years of financial service experience, spanning private equity, banking, and manufacturing. He joined Afreximbank in 2019 as Investment Director for FEDA. His appointment to Acting CEO comes after the death of former CEO Dr. Philip Kamau, in January 2021, who led the organisation since 2018.
Prior to joining Afreximbank, Mr. Assiak was a Principal at African Capital Alliance, an African-focused private equity firm, with presence and networks across the continent. Prior to his joining the private equity organisation, he worked at leading Nigerian banks, including Zenith Bank Plc and Continental Trust Bank, now part of United Bank for Africa (UBA Plc), where he had responsibility for banking operations, trade services, process management and product development.
Mr. Assiak holds a Bachelor’s and a Master’s Degree in Economics from University of Uyo and University of Lagos respectively, both in Nigeria and holds a Master’s in Business Administration from Manchester Business School, United Kingdom. He is a Certified Accountant and an alumnus of the Coller Institute of Private Equity, London Business School, United Kingdom.
FEDA was established by Afreximbank to facilitate foreign direct investment flows into Africa’s trade and export sectors and to fill the equity funding gap that amounts to $110 billion per annum. The organisation aims to provide equity financing to companies operating in key industries and sectors to significantly increase the likelihood of success in delivering on Afreximbank’s development priorities.
It also aims to meet the Bank’s strategic goals under the main pillars of the intra-African Trade Strategy and the Industrialisation and Export Development Strategy.
Prof. Benedict Oramah, President and Chairman Board of Directors of Afreximbank and Chairman of FEDA Board of Directors, said:
‘‘The appointment of Mr. Emmanuel Assiak as Acting CEO of FEDA builds on his role as Director of Investment for FEDA over the past 18 months. During the period, and as part of FEDA management team, he worked closely with the FEDA Board to put in place the required service infrastructure in furtherance of achieving the envisioned FEDA objectives, including delivering targeted development impact in intra-African trade, industrialization, value addition and export development, while providing returns to investors.’’
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The African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution with the mandate of financing and promoting intra-and extra-African trade. Afreximbank was established in October 1993 and owned by African governments, the African Development Bank and other African multilateral financial institutions as well as African and non-African public and private investors. The Bank was established under two constitutive documents, an Agreement signed by member states, which confers on the Bank the status of an international organization, and a Charter signed by all Shareholders, which governs its corporate structure and operations. Afreximbank deploys innovative structures to deliver financing solutions that are supporting the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby sustaining economic expansion in Africa. At the end of 2020, the Bank’s total assets and guarantees stood at US$21.5 billion and its shareholders funds amounted to US$3.4 billion. Afreximbank disbursed more than US$38billion between 2016 and 2020. The Bank disbursed more than US$38 billion between 2016 and 2020. Afreximbank has ratings assigned by GCR (international scale) (A-), Moody’s (Baa1) and Fitch (BBB-). The Bank is headquartered in Cairo, Egypt.
For more information, visit: www.afreximbank.com.
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