Dr. George Elba, Chairman of the African Export-Import Bank (Afreximbank), has emphasized Egypt's pivotal role in supporting the bank and fostering economic integration within the continent. Speaking at the El Alamein - Africa Business Forum, attended by President Abdel Fattah El-Sisi and several African heads of state, Elba highlighted Egypt's commitment to promoting intra-African trade. The forum, held in El Alamein, a city once associated with World War II battles, has transformed into a hub where Africans gather to shape their future.
Elba noted that Egypt has been a mainstay of Afreximbank since its inception, hosting the bank's headquarters in Cairo for nearly 32 years. The country signed the bank's agreement on August 31, 1994, demonstrating the depth of their partnership. Egypt has also supported efforts to boost intra-African trade, hosting the Intra-African Trade Fair, which was repeated in 2023. Afreximbank has recently established its new headquarters in the New Administrative Capital.
The Afreximbank chairman expressed his appreciation for President El-Sisi's and Egypt's continued support, emphasizing the bank's enthusiasm for participating in the El Alamein - Africa Business Forum. This participation underscores the bank's commitment to prioritizing African trade and economic cooperation in diplomatic efforts. Elba highlighted that Afreximbank represents a model of African ownership and management of financial institutions.
Afreximbank, established in Abuja in 1993, was launched at a time when there were doubts about Africa's ability to manage its economic institutions and future. However, the experience has proven otherwise, with the bank now serving as a financial institution owned and managed by Africans. It operates based on the continent's priorities and needs, without relying on external decisions.
Elba pointed to the bank's significant progress in recent years, with net income showing notable improvement. Profits realized between last year and this year have reached approximately $560 million, with expectations of further growth before the end of the year. These results demonstrate the capacity of African institutions to manage their financial resources and achieve growth.
The Afreximbank chairman cited the bank's role in supporting Ghana during its economic crisis, providing crucial financing when other multilateral institutions paused their support. This experience has shown that African institutions and funds can be relied upon during times of crisis. Elba stressed that African countries own the bank and determine its policies, while its management works to serve the continent's people and support their economies.
Elba called for increased cooperation and solidarity among African countries and financial institutions, particularly during times of crisis. He emphasized the need for continued dialogue and the development of economic tools that support stability, growth, and help countries face challenges. Key points include Egypt's significant role in supporting Afreximbank, the bank's growth and financial performance, and its crucial support for African countries during economic crises.
Key points
- Egypt has been a key partner in supporting Afreximbank and promoting intra-African trade.
- Afreximbank has demonstrated significant growth, with profits reaching $560 million.
- The bank has played a crucial role in supporting African countries during economic crises.
