Cairo, 22 January 2018: – JSC Russian Export Centre (REC) has become the latest international financial organisation to join the African Export-Import Bank (Afreximbank) as a shareholder following its successful subscription to Class “C” shares of the African multilateral trade finance bank
The shareholding, which became effective on 29 December 2017, followed discussions between the Bank and Russian officials during which the two sides explored ways of cooperating to take advantage of the numerous opportunities for trade and development between Russia and the African continent.
The discussions resulted in an agreement signed by Dr. Benedict Oramah, President of Afreximbank, and Petr Fradkov, Chief Executive Officer of REC, on 11 December 2017, by which REC committed to subscribing to the Class “C” Afreximbank shares.
With the new partnership, the two entities have already started working actively on joint projects in a number of African countries, focusing mainly on mining and transport infrastructure.
REC is owned by the State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank [VEB]).
Afreximbank shareholders are a mix of public and private entities divided into four classes and consist of African governments, central banks, regional and sub-regional institutions, private investors and financial institutions, as well as non-African financial institutions, export credit agencies and private investors.
Class “A” shareholders are African states, African central banks and African public institutions, including the African Development Bank, while Class “B” is made up of African financial institutions and African private investors.
Class “C” shares are held by non-African investors, mostly international banks and export credit agencies, while Class “D” shares, a tier approved in December 2012, are shares that can be held by any investor.
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About Afreximbank:The African Export-Import Bank (Afreximbank) is the foremost pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade. The Bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors. Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations. Since 1994, it has approved more than $51 billion in credit facilities for African businesses, including about $10.3 billion in 2016. Afreximbank had total assets of $11.7 billion as at 31 December 2016 and is rated BBB+ (GCR), Baa1 (Moody’s), and BBB- (Fitch). The Bank is headquartered in Cairo. For more information, visit: www.afreximbank.com