Afreximbank recognized for its role in promoting intra-African trade by the Africa-America Institute (AAI)

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Cairo, 25 September 2020: – The African Export-Import Bank (Afreximbank) has been awarded the 2020 Africa-America Institute (AAI) ‘International Institution of Excellence Award’, during the Institute’s 36th Awards Virtual Awards Gala.

Becoming the first organization to receive the award in the history of the institute since its establishment in 1953, Afreximbank was honored this award for its commitment to the creation and implementation of the African Continental Free Trade Agreement (AfCFTA) and its ongoing dedication to investing in education. Between 2015 and 2019, Afreximbank disbursed more than $30 billion in support of African trade, with over $15 billion channeled towards the financing and promotion of intra-Africa trade. The Bank was also recognized for its response and support to African countries in fighting the COVID-19 pandemic.

The Bank was introduced by AAI Trustee, Khumo Shongwe and the Executive Director of the LEGATUM Center, MIT, Dina Sherif. The award was presented by the Director-General of the East Africa Development Bank, Vivienne Yeda Apopo.

In accepting the award, Prof. Benedict Oramah, President of Afreximbank, commented: “At Afreximbank, we are very proud of the work we are doing to support Africa and this award recognizes the hard work and commitment from my colleagues. We are focused on promoting intra-African trade, especially through the African Continental Free Trade Agreement as we believe that greater trade and regional integration with the continent will make it possible for Africa to transform itself from a commodity dependent economy to one dynamized by value creation. I am confident this will lead to the creation of many opportunities for a growing youth population.”

Other distinguished group of leaders that received awards include:

  • The President Leadership Award – AAI Alumnus, H.E. Mahamadou Issoufou, President of the Republic of Niger.
  • The National Achievement Award – The People of the Republic of Senegal, to be accepted by H.E. President Macky Sall.
  • The Distinguished Alumna Award – Ms. Claude Borna, Managing Director and Chief Innovation Officer, Sèmè City Development Agency
  • The African Diaspora Equity and Justice Award – Sherrilyn Ifill, President and Director Counsel, NAACP Legal Defense and Educational Fund, Inc.
  • The Leadership in Arts & Culture Award: Issa Rae, Emmy Nominated Actress, Producer and Writer.

These awards recognize and honor distinguished group of leaders who are using their influence and creativity to affect real and measurable change.

The Africa-America Institute (AAI) is the flagship U.S. organization connecting Africa to America. Since inception, the AAI has been committed to promoting enlightened engagement between Africa and America through strengthening human capacity of Africans and promoting the continent’s development of education, training and dialogue.

Institutions previously honoured include: The Africa Union (AAI Institutional Legacy Award) and the FIFA World Cup, South Africa Leadership Team (AAI Business Leadership Award).

About Afreximbank: 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 2019, the Bank’s total assets and guarantees stood at USD$15.5 billion and its shareholders funds amounted to US$2.8 billion. Voted “African Bank of the Year” in 2019, the Bank disbursed more than US$31billion between 2016 and 2019. Afreximbank 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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