National Bank of Egypt boosts Afreximbank’s General Capital Increase, re-enforcing its position as largest non-sovereign shareholder

Categories: Press Releases

Cairo, 23 June 2022 – African Export-Import Bank (Afreximbank) has announced the decision of the National Bank of Egypt (NBE) to participate in its General Capital Increase, making a total investment of US$326.6 million, of which US$130.6 million have been paid-in. Through this investment, NBE maintains its position as the largest non-sovereign shareholder in the Bank.

NBE’s active participation in the subscription consolidates a relationship that begun at the inception of the Bank when NBE became a founding shareholder. Moreover, NBE’s strategic drive towards expanding its African presence – with the establishment of subsidiaries and representative offices in South Africa, Ethiopia and Sudan – aligns with Afreximbank’s goal of promoting financial integration towards greater intra-African trade.

Justifying his Bank’s decision to support Afreximbank’s general capital increase, Mr. Hisham Okasha, NBE’s Chairperson, cited the significant contribution Afreximbank has made to the acceleration of economic growth and opportunity across the continent, especially in its support for African economies following the Covid-19 pandemic. He congratulated Afreximbank for selecting the New Administrative Capital of Egypt as the venue of its 29th Annual Meeting.

Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, commented:

“We are deeply honoured by the National Bank of Egypt’s show of support in the General Capital Increase. We value the productive relationship we have developed with NBE over decades. Afreximbank’s mandate is pan-African, and we are pleased that this spirit of continent-wide solidarity and collaboration is echoed in so many other quarters of African financial sector. We view National Bank of Egypt as a solid partner that can help Afreximbank in realising its strategic goals of integrating Africa’s financial and payment systems.”

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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. 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.

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