Uche Usim, Abuja
Shareholders of African Export-Import Bank (Afreximbank) have voted to re-appoint Prof. Benedict Oramah, as President of the pan-African multilateral financial institution for a second 5-year term.
The decision was announced at the weekend in Cairo Egypt, following Afreximbank’s 27th Annual General Meeting which was held by circulation of resolutions due to the COVID-19 pandemic.
In an acceptance statement released shortly thereafter, Oramah told shareholders that the bank’s ultimate goal under his second term of office would be the realisation of Africa’s strategic ambition to create an integrated market.
“We want an Africa where the foundations of the African Continental Free Trade Agreement (AfCFTA) are laid expeditiously so that the 84,000 kilometres of borders that have divided us for ages can begin to come down,” He said.
Oramah who added that AfCFTA would “drive the industrialisation of Africa, support the emergence of regional value chains, turn Africa’s creative and cultural assets into engines of growth, grow jobs for the continent’s youth, convey respect to Africans wherever they may be and better prepare the continent to compete more effectively in the global markets.”
He noted that between 2015 and 2019, Afreximbank disbursed more than US$30 billion in support of African trade with over US$15 billion channeled towards the financing and promotion of intra-African trade.
“We will aim to double intra-African trade financing so that by the end of my term, it will constitute no less than 40 per cent of the bank’s total assets, with aggregate disbursements, on a revolving basis, over the 5 years exceeding US$30 billion,” He said.
Prof. Oramah’s re-appointment was one of the key decisions taken by shareholders during the bank’s 2020 General Meeting in Cairo.
A resolution proposing the re-election of Mr. Stefan-Luis Francois Nalletamby as a director representing Class “A” shareholders and Mr. Kee Chong Li Kwong Wing as a director representing Class “B” sharefolders was also approved by the meeting.
In addition, the bank’s 2019 audited accounts were approved, in addition to the proposal to raise an additional US$500 million in equity within Afreximbank’s current Strategic Plan dubbed “IMPACT 2021-Africa transformed”.
