The Fund for Export Development in Africa (FEDA), a subsidiary of the African Export-Import Bank (Afreximbank) (www.Afreximbank.com) dedicated to fostering development impact, is pleased to announce the Arab Republic of Egypt's accession to its Establishment Agreement.
With Egypt's longstanding position as a founding shareholder and the host country of Afreximbank's headquarters, this recent development underscores Egypt's commitment to supporting Afreximbank and FEDA's mission of catalyzing intra-African trade and export development. The signing of FEDA’s Establishment Agreement opens avenues for strengthening trade relations between Egypt and other African nations.
The inclusion of Egypt in FEDA's membership base significantly expands the reach of FEDA's interventions with its primary objectives of providing sustainable capital to African economies. FEDA’s intervention places great emphasis on industrialization, intra-African trade, and the development of value-added exports.
Professor Benedict Oramah, President of Afreximbank and Chairman of the Boards of both Afreximbank and FEDA, expressed gratitude for Egypt's accession, stating, "We warmly welcome the signing of the FEDA Establishment Agreement by the Arab Republic of Egypt. This momentous occasion exemplifies Egypt's unwavering support for Afreximbank and its initiatives since inception. With Egypt onboard, FEDA is well-positioned to enhance its transformative investments within the country.”
Distributed by APO Group on behalf of Afreximbank.
About FEDA:
The Fund for Export Development in Africa (“FEDA”) is the impact investment subsidiary of Afreximbank set up to provide equity, quasi-equity, and debt capital to finance the multi-billion-dollar funding gap (particularly in equity) needed to transform the Trade sector in Africa. FEDA pursues a multi-sector investment strategy along the intra-African trade, value-added export development, and manufacturing value chain which includes financial services, technology, consumer and retail goods, manufacturing, transport&logistics, agribusiness, as well as ancillary trade enabling infrastructure such as industrial parks.
About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of September 2023, Afreximbank’s total assets and guarantees stood at over US$33.4 billion, and its shareholder funds amounted to US$5.8 billion. The Bank disbursed more than US$104 billion between 2016 and 2023. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”). The Bank is headquartered in Cairo, Egypt.
Latest Stories
-
We’ll cut down imports and boost consumption of local rice and other products – Mahama
2 hours -
Prof Opoku-Agyemang donates to Tamale orphanage to mark her birthday
3 hours -
Don’t call re-painted old schools brand new infrastructure – Prof Opoku-Agyemang tells gov’t
4 hours -
Sunon Asogli plant will be back on stream in a few weeks – ECG
4 hours -
ECOWAS deploys observers for Dec. 7 election
4 hours -
73 officers commissioned into Ghana Armed Forces
4 hours -
Impending shutdown of three power plants won’t happen – ECG MD
4 hours -
Ghana shouldn’t have experienced any ‘dumsor’ after 2017 – IES Boss
5 hours -
Lamens flouted some food safety laws in re-bagging rice – Former FDA Boss Alhaji Hudu Mogtari
5 hours -
Afcon exit: Our issue is administrative failure and mismanagement, not lack of talent – Saddick Adams
6 hours -
WAPCo to commence major pipeline maintenance and inspection from November 25
6 hours -
CEO of Oro Oil Ghana Limited Maxwell Commey listed among the 100 Most Influential People Awards, 2024
6 hours -
Power crisis: Amandi is off due to maintenance, not debt – ECG Boss
6 hours -
Votes cast for late Akua Donkor to be declared invalid – Electoral Commission
6 hours -
You can’t keep “incompetent” Otto Addo for the long term – Countryman Songo
7 hours