CAIRO / ADDIS ABABA – 26 May 2022. African Export-Import Bank (Afreximbank) has renewed its technical and financial support to the Coalition for Dialogue on Africa (CoDA). After two years of successful collaboration, the two institutions have embarked on a new three-year partnership.
Afreximbank is one of the four ex-officio board members and partner of CoDA. The Bank has been providing financial support to CoDA since 2020. This support has helped CoDA to propel several initiatives across Africa, including national action on Illicit Financial Flows (IFFs), capacity building to implement continent-wide asset recovery through the Common African Position on Asset Recovery (CAPAR), as well as support for the establishment and implementation of the African Continental Free Trade Area (AfCFTA). This new multi-year funding cycle will enable CoDA to support medium- to long-term actions on these and other issues across the continent.
The multi-year support from Afreximbank is aimed at strengthening the capacity of CoDA to fulfil its mandate of increasing domestic resource mobilization by facilitating actions to reduce IFFs from Africa, supporting economic integration through the holistic implementation of the AfCFTA, and improving people’s lives through support for several developmental initiatives across Africa, including Africa’s ambitions in vaccine manufacturing.
Mr. Yusuf Daya, Director, AU/AfCFTA Relations and Trade Policy, Afreximbank, commented: “We are very pleased with our collaboration with CoDA over the past two years. Together, we have successfully mobilised our common partners around important initiatives such as regional integration and promoting the implementation of AfCFTA, not to mention the central issue of vaccines and immunisation in Africa. Building on these successes, we are committed to continue working with CoDA by strengthening our technical and financial support and have developed a three-year plan to complete our joint work and expand our intervention.”
Ms. Aden-Osman, Executive Director, CoDA, said: “CoDA has benefitted significantly from Afreximbank’s financial and technical support since it became a special initiative of the latter. On behalf of its Board of Directors, CoDA would like to thank the President, Management and Board of Directors of Afreximbank for their continued support, the significant increase in the annual grant, and the provision of the multi-year grant. This will allow CoDA to mobilize the needed attention, commitment and action for the socio-economic development of Africa.”
With its broad coalition of partners, CoDA has been able to deliver key actions at national, regional and continental levels in support of its various development programmes. In addition to completing several of its ongoing country assessments on IFFs, CoDA launched an initiative in 2021 to increase access to vaccines and immunisation in Africa in the wake of the COVID-19 pandemic.
Note to editors
CoDA is a special, but independent, initiative of the African Union, African Development Bank, African Export-Import Bank, and the United Nations Economic Commission for Africa, which promotes open, direct, and inclusive dialogue to further the work of the four institutions, with a view to giving Africa a greater voice on issues relating to peace, security, governance, and development. CoDA serves as the secretariat for the African Union High Level Panel on Illicit Financial Flows from Africa. For more information, visit: www.codafrica.org.
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. For more information, visit: www.afreximbank.com.
For additional information contact:
Mr Edmond Oladipo Johnson
Technical Adviser, Coalition for Dialogue on Africa (CoDA)