Dr. George Elombi, President and Chairman of the Board of Directors of African Export-Import Bank (Afreximbank), has urged African governments to protect and strengthen the financial institutions they own. He made the call at the opening ceremony of the Alamein Africa Forum 2026 in New Alamein, Egypt. Elombi emphasized the need for greater commitment to these institutions to ensure they can support the continent's economies during periods of crisis.
Elombi stated that African leaders must take greater responsibility for the institutions they have created and capitalized. He noted that the issue confronting Afreximbank is not just about its credit rating but fundamentally about whether Africa will be allowed to own and direct its financial institutions. Elombi argued that African governments have demonstrated their commitment to Afreximbank through actual capital contributions, which should carry greater weight in assessing the bank's creditworthiness.
Afreximbank's shareholders' funds now stand at almost $9 billion, while its net income increased by 30 percent in the first half of the year. The bank's balance sheet is roughly six times its size a decade ago. Elombi attributed the institution's strength to successive capital increases by its African shareholders, with almost $300 million of fresh equity injected into the bank in cash in 2025 alone.
African shareholders have paid $226 million so far this year, with a further $300 million expected. Elombi's call for stronger financial institutions comes as concerns grow that escalating violence could spill across borders. The Egyptian President, Abdel Fattah al-Sisi, urged African leaders to address cross-border challenges through cooperation and dialogue.
Al-Sisi spoke at the African Union's mid-year coordination summit in the Mediterranean city, emphasizing that cross-border challenges require countries to work together rather than compete. The summit followed a business gathering where African leaders called for greater use of the continent's own capital to finance development and reduce dependence on external funding.
The African leaders' call for greater use of the continent's own capital to finance development was echoed at the business gathering. This push aims to reduce dependence on external funding and promote economic growth. Afreximbank's efforts to strengthen its financial position are part of this broader push for economic development in Africa.
The meeting in Egypt involving Ethiopia's neighbors is expected to address regional concerns. Egypt seeks wider African support in its dispute with Ethiopia over the Nile. The African Union's mid-year coordination summit provided a platform for leaders to discuss pressing issues, including cross-border challenges and economic development.
Key points
- Dr. George Elombi urges African governments to protect and strengthen financial institutions.
- Afreximbank's shareholders' funds stand at almost $9 billion.
- Egyptian President Abdel Fattah al-Sisi advocates for cooperation and dialogue to address cross-border challenges.
