NAN-HE-18
Shareholders
By Lucy Nwachukwu
Abuja, Nov. 21, 2017 (NAN) African Export-Import Bank (Afreximbank) said the South African government had taken up shareholding in the bank in a bid to demonstrate its commitment to promoting intra-African trade and economic integration.
Dr Benedict Oramah, President of the Bank said this in a statement issued by Mr Obi Emekekwu, the Head, Communications and Events, Afreximbank on Tuesday in Abuja.
“ With the shareholding, South Africa becomes the 47th African country to join Afreximbank as a participating state and/or shareholder.
“ It is being represented by the Export Credit Insurance Corporation of South Africa (ECIC) as its designated investor in line with the terms of the provisions of the Charter of the Bank.
“It is significant vote of confidence to have South Africa that accounts for about 30 to 35 per cent of total intra-African trade joins Afreximbank as a shareholder.
“Its membership is critical for the attainment of the Bank’s strategic goal of moving intra-African trade share of Africa’s total trade from about 15 per cent presently to 22 per cent by 2021.
“It will raise its annual value to more than 250 billion dollars by 2021 and we are confident that its membership will enable it to play a significant role in driving trade across the continent,’’ Oramah said.
The statement also quoted the Chief Executive Officer of ECIC, Kutoane Kutoane as saying “the corporation is humbled by the role it is given to play’’.
Kutoane said ECIC was also motivated by the trust and confidence that the South African government placed on ECIC to assume the role of designated institution for membership of the Bank.
“We are certain that South African exporters, especially our small and medium-sized exporters will now have access to the expanded pool of structured trade finance facilities offered by the Bank.
“ ECIC intends to make the partnership mutually beneficial and this marks a watershed moment defining the era of more inclusive intra-continental trade facilitation on a grand scale,’’ he said.
The News agency of Nigeria (NAN) reports that Afreximbank shareholders are a mix of public and private entities divided into four classes.
They consist of African governments, central banks, regional and sub-regional institutions, private investors and financial institutions, as well as non-African financial institutions, export credit agencies and private investors.(NAN)
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Edited by Ese E. Ekama