Economy & Politics

Benedict Oramah reappointed president of Afreximbank

Bénédict Oramah, President of Afreximbank.

Shareholders of the African Import-Export Bank (Afreximbank) voted and reappointed Professor Benedict Oramah as president of the Pan-African Multilateral Financial Institution for a second 5-year term. The decision was announced on June 14, 2020 in Cairo following the 27th annual general meeting of shareholders of Afreximbank, which was held by the issuance of resolutions due to the COVID-19 pandemic.

In a statement of acceptance issued shortly after, President Oramah told shareholders that the Bank’s ultimate goal during his second term was to realize Africa’s strategic ambition to create an integrated market. “We want an Africa where the foundations of the African Continental Free Trade Agreement (ZLECA) are laid quickly so that the 84,000 kilometers of borders that have separated us for centuries can begin to fall,” said Prof. Oramah who added that the AfCFTA “would stimulate the industrialization of Africa, support the emergence of regional value chains, transform the creative and cultural assets of Africa into engines of growth, create jobs for young people in continent, transmit respect to Africans wherever they are and better prepare the continent to be more competitive on world markets. ”

Professor Oramah pointed out that between 2015 and 2019 Afreximbank disbursed more than US $ 30 billion to support African trade, more than US $ 15 billion being spent on financing and promoting intra-African trade. “We will aim to double the financing of intra-African trade so that at the end of my mandate, it will represent no less than 40% of the total assets of the Bank, with cumulative disbursements, on a renewable basis, on the 5 years over US $ 30. billion, “he announced.

In office since 2015, the reappointment of Professor Oramah was one of the key decisions made by shareholders during the Bank’s 2020 General Meeting. A resolution proposing the re-election of Mr. Stefan-Luis Francois Nalletamby as director representing category “A” shareholders and of Mr. Kee Chong Li Kwong Wing as director representing category “B” shareholders also was approved by the assembly.

In addition, the 2019 audited accounts have been approved, as has the proposal to raise an additional $ 500 million in equity as part of Afreximbank’s current strategic plan dubbed “IMPACT 2021-Africa transformer”. The approval to raise additional capital recognized that a billion US dollars previously authorized to be raised had been raised almost entirely. “I pledge that with your support, the Bank will remain well capitalized throughout my tenure and beyond. We will continue our efforts to diversify sources of equity to include markets while ensuring that the Bank’s development objectives remain unchanged, “President Oramah assured Bank shareholders.

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