Afreximbank hosts promotional event to boost the start of business of its new Central Africa Regional Office in Yaoundé

Categories: Press Releases

Yaoundé, 23 September 2021: – African Export-Import Bank (Afreximbank) today in Yaoundé held a promotional event to showcase the Bank’s programmes, products and services to the business community and government. As well as communicating the breadth of the Bank’s offering to businesses in the region, the event also enabled Afreximbank to gauge its particular requirements – allowing it to tailor its products to address specific regional issues and dynamics.

The event, designed to accelerate the activity of Afreximbank’s new Central Africa Regional Office, was also an opportunity to raise awareness of the upcoming Intra-African Trade Fair (IATF2021) to be held in Durban, KwaZulu-Natal, South Africa from the 15th to the 21st November 2021.

Attending the event was a combination of representatives from government, private sector institutions, and economic bodies, including the Ministries of Trade, Finance, Economy respectively as well as Cameroon’s Chamber of Commerce and Industry, the Cameroonian Bankers Association, and the Cameroonian Corporate Association.

Afreximbank’s organization of this event reflects a broader commitment to Cameroon, and a determination on the part of the Bank to support the country’s expansion of its manufacturing capacity through the development of logistics, industrial parks and processing plants for key commodities, as well as the provision of trade finance for the import of capital goods to accelerate industrialization. Central to Afreximbank’s work in Cameroon will be the facilitation of export of processed and manufactured goods and close collaboration with Cameroonian businesses to increase their access to regional and continental markets, especially in the context of the African Continental Free Trade Area (AfCFTA).

In countless African countries, Afreximbank has supported the diversification of economies away from a dependence on mono-export, and this event served as an opportunity for stakeholders in Cameroon and the wider Central Africa Region to see the opportunities made available to them with the establishment of the Bank’s new branch in Yaoundé.

Amr Kamel, Executive Vice President, Business Development & Corporate Banking, Afreximbank, said:

“We are delighted to be hosting an event which brings together key figures and institutions from Cameroon’s economic and commercial spheres, and believe that, through close co-operation and collaboration with Afreximbank, this country’s economy can be transformed.”

The promotional event was one of three activities held by Afreximbank in Yaoundé during the week. In addition to the fourth quarterly meeting of its Board of Directors, the Bank is also launching its Central Africa Sub-Regional Office in Yaoundé on 24 September.

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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$6.5 billion in 2020 to help member countries manage the adverse impact of financial, economic, and health shocks caused by the COVID-19 pandemic. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has completed the development of 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) and Fitch (BBB-). The Bank is headquartered in Cairo, Egypt.

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