The President of the African Export-Import Bank, Dr. George Elomba, has praised Egypt's significant role in supporting economic integration among African countries. He expressed his deep conviction in Egypt's role during a speech at the opening of the El Alamein - Africa Business Forum, which was attended by Egyptian President Abdel Fattah El-Sisi. Dr. Elomba thanked Egypt for hosting the forum and for its ongoing support.
The African Export-Import Bank was established in August 1994, and Egypt has been its headquarters for 32 years. In 2023, when the bank was looking for a new location for its headquarters, Egypt generously offered to host it, and today a new headquarters has been built in the new capital city. Dr. Elomba expressed his sincere gratitude for Egypt's support, which has enabled the bank to operate effectively.
Dr. Elomba stated that the bank has achieved significant results, with profits of around $560 million between last year and this year. He expected more positive results before the end of the year, which would further support the bank's tangible ownership. The bank has finalized a new methodology that provides added value to its cooperation with institutions that have significant capital.
The bank's president emphasized that the path to increasing the credit provided by the African Export-Import Bank depends on strengthening cooperation between African countries and large financial institutions with high ratings. He stressed that this is not limited to one country and that the bank is always considered a large and highly-rated financial institution.
The African Export-Import Bank is working to respond to the needs of African countries by providing liquidity and credit to various sectors that require support for development. Dr. Elomba highlighted that the bank's model is different from other foreign institutions, with a unique ownership structure, and that its impact and nature of work set it apart.
Dr. Elomba noted that the bank's work has shown that African funds can be relied upon to address crises, despite facing significant challenges. He cited previous experiences that have demonstrated the bank's ability to operate in difficult environments and support the continent's needs.
The El Alamein - Africa Business Forum was attended by various leaders, including President Abdel Fattah El-Sisi and the President of the African Union Commission, Mahmoud Youssouf. The forum aimed to promote economic integration and cooperation among African countries, and Egypt's role in supporting this process was highlighted.
Key points
- Egypt plays a significant role in supporting economic integration among African countries.
- The African Export-Import Bank has achieved significant results, with profits of around $560 million between last year and this year.
- The bank's president emphasized the importance of strengthening cooperation between African countries and large financial institutions with high ratings.
