- 17 września, 2023
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The Agreement for the Establishment of the African Export-Import Bank (Afreximbank) is an important document that outlines the aims and objectives of this pan-African financial institution. The bank was established in 1993 by African governments, African-based financial institutions, and African private investors with the aim of facilitating and financing the trade flows between African countries and between Africa and the rest of the world.
One of the key points of the agreement is the mandate given to Afreximbank to promote and finance intra-African trade. This mandate is in line with the African Union`s Agenda 2063, which aims to create a united, prosperous, and integrated Africa. In order to achieve this, the agreement specifies that Afreximbank should provide trade finance and other financial instruments to support African businesses in their trade activities.
Another important aspect of the agreement is the recognition of the need to promote economic diversification and industrialization in Africa. The agreement acknowledges that many African economies are overly reliant on the export of raw materials and that there is a need to promote the development of value-added industries in order to create jobs and increase the continent`s economic competitiveness. To this end, Afreximbank is mandated to provide financial support to businesses engaged in value-added activities such as manufacturing, agribusiness, and services.
The agreement also recognizes the importance of partnerships and collaboration with other international financial institutions. In order to maximize its impact, Afreximbank is encouraged to work with other institutions, both African and non-African, to leverage their expertise and resources. This includes collaboration with the African Development Bank, the International Finance Corporation, and the World Bank, among others.
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