Banque Misr invests paid-in amount of USD 80.5 million in Afreximbank’s General Capital Increase and becomes the largest non-sovereign shareholder

Categories: Press Releases

Cairo, 07 February 2022: – Banque Misr has announced an investment of US$201.1 million in African Export-Import Bank (Afreximbank), of which US$80.5 million is paid-in. The investment has made Banque Misr the largest non-sovereign shareholder of Afreximbank. This equity investment is a positive and strategic response to the ongoing General Capital Increase by Afreximbank. Banque Misr has thereby increased its stake in Afreximbank from 3.1% to 5.8%.

In July 2021, Afreximbank embarked on a US$6.5 billion General Capital Increase, of which US$2.6 billion is paid-in, to enhance capacity to deal with transitory pandemic challenges confronting Africa while promoting medium-to-long term sustainable trade and economic development on the continent. Specifically, the investment will equip the Bank to continue to support the procurement of COVID-19 vaccines for the continent, bolster post-pandemic recovery efforts for the economies of African nations and drive the implementation of the African Continental Free Trade Agreement (AfCFTA).

Banque Misr’s paid-in subscription of US$80.5 million demonstrates its commitment to support Afreximbank to expand its capacity to deliver on its core mandate and diversify its range of services. It is also a reflection of the strength of the partnership between Afreximbank and Banque Misr. Over the last few years, the cooperation has helped to improve access to financing among Egyptian SMEs and improve the country’s trade, particularly with the rest of Africa. Mr. Mohamed Eletreby, Chairman of Banque Misr, commented on the investment: “In light of Banque Misr’s long lasting relationship with Afreximbank and its commitment to fully support the Bank in its continuous efforts to develop and unleash the African continent’s growth potential, we are delighted to announce our subscription to this much needed capital increase. We always, and will continue to, support the Bank in its vital mandate.”

Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, commented: “We are particularly grateful for Banque Misr’s support for the General Capital Increase, as it will significantly contribute to the Bank’s capacity to drive ongoing Covid-19 recovery efforts, support the implementation of the (AfCFTA), while continuing to strongly support Egypt’s trade with the rest of African as well as promote and finance intra-African trade and export development. With this investment, Banque Misr has further strengthened its relationship with the Bank, resulting in greater collaboration at the strategic and business levels.”

On his part, the Vice Chairperson of Banque Misr, Mr. Akef ElMaghraby, added that: “Banque Misr appreciates the tremendous efforts carried out by Afreximbank in fostering the development of African economies. We, amongst other Egyptian institutions, strongly believe in the bank’s mission, which is evident in the Egyptian side’s representation in the bank’s capital with a c. 28% stake and being one of the top 10 contributors of capital. We look forward to the continuous mutual cooperation between Afreximbank and Banque Misr as we are strategically aligned in terms of our holistic view on the numerous opportunities in Africa.”

Mr Amr Kamel, Executive Vice President of Afreximbank said: “Afreximbank is committed to collaborate with Banque Misr to support its pan-African expansion strategy and through greater business collaboration at both strategic and business levels. Afreximbank is pleased to be a strong partner of Egyptian banks and corporates as they expand into other African countries”.

In affirming the strength of the relationship between Banque Misr and Afreximbank, Mr Ahmed Sobhy, the Head of Investment and Capital Markets Divisions at Banque Misr – said “In addition to the strategic alignment between Banque Misr and Afreximbank, the returns on our invested capital is reaching satisfying levels which gives us more comfort. The performance of the Bank under the current board of directors and management team has been impressive over the past few years and we highly believe in their abilities to continue achieving superior returns”.

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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$7.5 billion since 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 launched the operations  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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