Kigali, Rwanda, 30 March 2023 – The Republics of Kenya, Congo and Chad are the latest signatories to the Establishment Agreement of the Fund for Export Development in Africa (FEDA), the development impact-oriented subsidiary of African Export-Import Bank (Afreximbank).
These successive accessions provide positive momentum for FEDA and demonstrate a shared commitment from Afreximbank Member Countries to support the organization’s impact investing objectives. It creates a powerful catalyst to increase equity and equity-like funding for African companies that promote industrialization, Intra-Africa trade and value-added export development.
FEDA already has strategic investments in The Republic of Congo and the Republic of Chad via its investment in Arise IIP, which is developing industrial platforms including ‘Plateformes Industrielles du Congo’ and Laham Tchad. In the Republic of Kenya, discussions have already commenced on strategic investment projects.
Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank and FEDA, said: “The accession to the FEDA Establishment Agreement by the Republic of Kenya, the Republic of Congo and the Republic of Chad are important steps that are expected to catalyse more investment by FEDA towards these countries’ industrialization and value-add export development. We are delighted to onboard these new Member Countries and we look forward to mobilizing other Afreximbank Member States in due time to support FEDA’s pan-African expansion.”
Marlène Ngoyi, CEO of FEDA, commented: “The new accessions confirm Member States continued support for FEDA’s mandate which is critical towards advancing the continent. FEDA is further emboldened by the Republic of Congo and the Republic of Chad’s industrial park strategies, which it is keen to support through its investment in Arise IIP. FEDA also looks forward to pursuing strategic investment opportunities in the Republic of Kenya.”
– Ends –
About FEDA
The Fund for Export Development in Africa (“FEDA”) is the impact investment subsidiary of Afreximbank set up to provide equity, quasi-equity, and debt capital to finance the multi-billion-dollar funding gap (particularly in equity) needed to transform the trade sector in Africa.
FEDA pursues a multi-sector investment strategy along the intra-African trade, value-added export development, and manufacturing value chain, which includes financial services, technology, consumer and retail goods, manufacturing, transport & logistics, agribusiness, as well as ancillary trade enabling infrastructure such as industrial parks.
About Afreximbank
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying 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. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries in effectively participating in the AfCFTA. At the end of 2022, Afreximbank’s total assets and guarantees stood at US$31.1 billion, and its shareholder funds amounted to US$5.2 billion. The Bank disbursed more than US$86 billion between 2016 and 2022. Afreximbank has ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB).
For more information, visit: www.afreximbank.com