Cairo, 18 August 2015 – The African Export-Import Bank (Afreximbank) has selected Seychelles as the first beneficiary of a “Blue Economy” strategy that it is developing, Dr. Benedict Oramah, President Designate of the Bank, announced today in Victoria.
Dr. Oramah, who was speaking during a courtesy call on President James Michel of Seychelles, said that the strategy would involve working with the Government of Seychelles to put in place a political risk fund that would improve the country’s attractiveness as a global financial centre.
It would also support the development of small and medium-scale enterprises and the creation of expanded access to incubation programmes and factoring, he added.
Other components of the strategy included the facilitation of local content in the fisheries sector; development of health and medical tourism; and provision of technical assistance and training to the Central Bank of Seychelles, the Development Bank of Seychelles, and other key national financial institutions, stated the President Designate.
Dr. Oramah, who will take over as President of Afreximbank in September, thanked President Michel for the support which the Government of Seychelles had been providing to the Bank and welcomed the current plans by certain Seychellois entities and the Central Bank of Seychelles to make additional equity investment in the Bank.
He also thanked the President for Seychelles’ acceptance to host the Afreximbank-organised 2015 Annual Corporate Governance Forum in October and the Bank’s Annual Meetings in 2016.
Responding, President Michel welcomed the “Blue Economy” initiative announced by Afreximbank and commended the Bank for its work, reiterating that Seychelles remained strongly committed to working with the Bank in fulfilling its mandate.
Media Contact: Obi Emekekwue (oemekekwue@afreximbank.com; Tel. +202-2456-4238)
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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 $35 billion in credit facilities for African businesses, including about $4.5 billion in 2014. Afreximbank is headquartered in Cairo. For more information, visit: www.afreximbank.com