Cairo, 6 May 2022 – African Export-Import Bank (Afreximbank) is delighted to announce its receipt of the award for Best Multilateral Development Bank at the Trade Finance Global (TFG) 2022 International Trade Awards. The award was presented to the Bank at the Global Annual Meeting of BAFT held in Washington DC on 4th May 2022.
Now in its sixth year running, the TFG International Trade Awards 2022, in cooperation with BAFT, acknowledge excellence among those who have made an outstanding contribution to global trade and finance. Afreximbank was awarded first place in the category of Best Multilateral Bank for its support of African countries in addressing the economic, financial and health issues arising from the Covid-19 pandemic. This marks the first time an African institution has won this recognition assessed against global competition.
Afreximbank is also delighted to have been granted four awards at the EMEA Finance Achievement Awards 2021. The 14th Annual Achievement Awards recognise deals and dealmakers of 2021, nominated by parties including banks and their clients, for transactions that exemplify the innovative work taking place in the region’s capital markets. Afreximbank was acclaimed for its landmark securitisations and structured finance deals on behalf of EMEA’s leading companies. This is the second time that Afreximbank has been recognised by EMEA Finance.
The Bank is proud to have won the following awards:
- Best Structured Finance Sustainability Deal: African Vaccine Acquisition Trust’s US$2bn advance procurement commitment guarantee
- Best Structured Finance Deal in North Africa: Canal Sugar’s US$700mn multi-tranche syndicated facilities
- Most Innovative Structured Finance Deal in EMEA: Lucara Botswana’s US$220mn trade finance and term loan
- Best supranational syndicated loan: Afreximbank’s US$1.2bn three year loan scheme
Reflecting on the Bank’s latest awards, Prof. Benedict Oramah, President of Afreximbank, said:
“Afreximbank is honoured to receive these awards. We remain committed to our mission of expanding access to trade finance in Africa, even in times of global economic difficulties. In 2020 and 2021, Afreximbank intervened forcibly in support of African economies as they battled the COVID 19 pandemic. Over US$7 billion was disbursed to African States to mitigate the impact of the pandemic. The Bank helped central and commercial banks to avert trade debt payment defaults and boosted health systems through technology-enabled improved access to essential medical supplies. We are proud of the outcome of our continued efforts to stimulate a consistent expansion, diversification and development of African trade and thank both Trade Finance Global and EMEA Finance for these awards, which constitute an endorsement of our mandate and vision.”
Afreximbank previously won two EMEA Finance awards in 2020 receiving the best structured finance deal in North Africa, recognising the Bank’s leading role in the $737 million bundle of guarantee facilities granted to Elsewedy Electric Group and The Arab Contractors for the construction of the Rufiji Dam and Hydropower Plant in Tanzania. The Bank was also awarded the best structured trade finance deal in Africa honouring its role as the Global Coordinator and Financial Advisor that arranged the guarantee facilities for the project.
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About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. Afreximbank deploys innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. The Bank has a rich history of intervening in support of African countries in times of crisis. Through the Pandemic Trade Impact Mitigation Facility (PATIMFA) launched in April 2020, Afreximbank has disbursed more than US$7 billion to help member countries manage the adverse impact of the financial, economic, and health shocks caused by the COVID-19 pandemic. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Afreximbank is working with the AU and the AfCFTA Secretariat to develop an Adjustment Facility to support countries in effectively participating in the AfCFTA. At the end of 2020, the Bank’s total assets and guarantees stood at US$21.5 billion, and its shareholder funds amounted to US$3.4 billion. Afreximbank disbursed more than US$42 billion between 2016 and 2020. The Bank has ratings assigned by GCR (international scale) (A-), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). The Bank is headquartered in Cairo, Egypt.
For more information, visit: www.afreximbank.com.