Afreximbank holds roadshow in Sao Tome & Principe

Categories: Press Releases

Sao Tome & Principe, 21 March 2023 – African Export-Import Bank (Afreximbank) has completed a two-day roadshow in Sao Tome and Principe in collaboration with the Government and BGFI Bank. Following the ratification of the Afreximbank establishment agreement by the Government of Sao Tome and Principe, the Bank is seeking to expand its support to the country, in line with its mandate.

The Government of Sao Tome and Principe’s ratification of the Bank’s Establishment Agreement, which completed in 2022, enables Afreximbank to consider various forms of interventions and financing support to the country. The roadshow offered an opportunity to raise awareness of Afreximbank’s programmes and initiatives. It also provided business development opportunities to the banking and business community in Sao Tome and Principe, by identifying priority transactions in key sectors of the country’s economy for immediate processing. The event has accelerated collective efforts to replicate Afreximbank’s successes across Africa, in Sao Tome and Principe.

Speaking at the opening ceremony of the roadshow, H.E. Patrice Trovoada, Prime Minister of Sao Tome & Principe, stressed the importance of the two-day visit of the Afreximbank delegation as part of the strategic partnership to be forged towards achieving the vision and aspirations of the people of Sao Tome & Principe. The Prime Minister said it was extremely difficult to find good partners like Afreximbank and stressed his desire to work closely with the Bank in the future.

Also speaking, Hon. Genésio da Mata, Minister of Finance, Trade and Blue Economy of Sao Tome & Principe, stressed the importance of the country’s renewed partnership with Afreximbank, which is a symbolic step in Sao Tome & Principe’s development journey. He reiterated the vision of Sao Tome and Principe to become a regional and continental market in line with the objectives of the African Continental Free Trade Area Agreement (AfCFTA) to which the country is a signatory.

In her introductory remark, Mrs. Lara Simone, Vice Governor of the Central Bank of Sao Tome and Principe, encouraged participants to take advantage of the roadshow to ensure that they are able to contribute positively towards the various strategic and structural reforms currently being pursued by the Government together with the Central Bank and geared towards building the economy’s resistance to the impact of external shocks such as the COVID-19 pandemic and the ongoing Russian-Ukranian war. She concluded by stating the Central Bank’s readiness to work with Afreximbank by extending every support required to make the Bank’s renewed partnership with STP meaningful and productive.

Mr. Eric Monchu Intong, Afreximbank’s Regional Chief Operating Officer and Head of Missions for Anglophone West Africa stressed the importance of the roadshow in setting the tone for a new chapter in the partnership between the Bank and Sao Tome & Principe in fulfilment of Afreximbank’s mandate and vision. He explained that the Afreximbank holds roadshow in Sao Tome & Principe

roadshow aims at providing the business and banking communities with information on Afreximbank’s financial solutions and products. He stated that the Bank operates as a first-class profit oriented, socially responsible multilateral financial institution and center of excellence in African trade matters. He took the opportunity to invite participants to IATF2023 as well as Afreximbank Annual Meetings and 30th anniversary celebrations.

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. 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 2021, the Bank’s total assets and guarantees stood at about US$25 billion, and its shareholder funds amounted to US$4 billion. Afreximbank disbursed more than US$51 billion between 2016 and 2021. 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.

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