The African Export-Import Bank (Afreximbank) and the Government of Cote d’Ivoire have formalised the establishment of a Branch Office of the Bank in Abidjan to serve Francophone West Africa with the signing of the two foundation agreements for the Branch.
At a signing ceremony presided over by the Ivorian Prime Minister, Daniel Kablan Duncan, in his office on 22 September, Afreximbank President Jean-Louis Ekra, on behalf of the Bank, and Moussa Dosso, Minister of State for Employment, Social Affairs and Vocational Training of Cote d’Ivoire, on behalf of the Government, signed the Branch Agreement, which details the privileges to be accorded to the Bank and its staff in Abidjan.
Mr. Ekra and three other Ivorian ministers then signed a Memorandum of Understanding between the Bank and the Government under which the Government committed to provide certain services and facilities to the Bank to enable it to take off and to function effectively.
Speaking after the signing ceremony, Mr. Duncan said, that the establishment of the Afreximbank Branch Office in Abidjan was a vote of confidence in Cote d’Ivoire acknowledging the consolidation of peace in the country and its success in strengthening of economic recovery and development.
He expressed confidence that the new Branch Office would make a positive impact by helping to raise the contribution of intra-African trade to Africa’s economies.
On his part, President Ekra had said that the decision to site the Branch Office in Abidjan was taken after a very rigorous study that took into account such factors as political stability and security; economic and financial stability; operational factors; and physical and social infrastructure.
“The Abidjan Branch Office will perform marketing, business development, relationship management, loan structuring, loan monitoring and agency functions for Afreximbank in the Francophone West Africa area,” stated Mr. Ekra.
The Board of Directors of Afreximbank had, during the Annual General Meeting of Shareholder in Libreville in June 2014, approved the establishment a new Branch to serve Francophone West Africa and another to serve East Africa.
Accompanying the President to the signing ceremony were several members of the Board of Directors, some shareholders and a number of the Bank’s key customers in Cote d’Ivoire.
Afreximbank President Jean-Louis Ekra (left) and Moussa Dosso, Minister of State for Employment, Social Affairs and Vocational Training of Cote d’Ivoire, sign the Branch Agreement.
Afreximbank President Jean-Louis Ekra (5th left, front row) and Prime Minister Daniel Kablan Duncan of Cote d’Ivoire (6th left) in group photograph with other participants at the signing ceremony.
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About Afreximbank:
The African Export-Import Bank (Afreximbank) is the foremost Pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade. The Bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors. Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations. Since 1994, Afreximbank has approved almost $30 billion in credit facilities for African businesses, including about $3.5 billion in 2013. Afreximbank is headquartered in Cairo. For more information, visit: www.afreximbank.com