ADVERTISEMENT

Eritrea finally joins Afrexim bank to become the 48th member state

Since 1994, the bank which is based in Cairo has approved more than 51 billion dollars in credit facilities for African businesses, including about 10.3 billion dollars in 2016.

ADVERTISEMENT

Afreximbank announced on Tuesday, that the East African country had become a participating state or a shareholder in the continental multilateral trade finance institution after issuing an instrument of acceptance and accession.

In the instrument of accession, signed on Monday by Berhane Habtemariam, the Minister of Finance, and delivered to Afreximbank by the ministry, Eritrea declared its acceptance and accession to the “Agreement for the Establishment of the Bank” and committed to taking all necessary steps for the ratification of that Agreement.

Eritrea’s membership to Afreximbank  follows  a recent visit to Asmara by a delegation led by bank president Dr. Benedict Oramah during which Eritrean president Isaias Afwerki expressed willingness to join Afreximbank as a Member State.

“Eritrea believes in working with financial institutions that can help in transforming the African economy,” said Afwerki.

Eritrea now stands to enjoy and access diverse range of products and facilities offered by Afreximbank, including trade finance facilities, project finance services, trade information and advisory services, support in the development of a local content policy and assistance in developing and implementing industrial parks and special economic zones.

Under the terms of the agreement for the establishment of the bank, which was signed by participating states in Abidjan on May 8, 1993, countries that did not sign on before it entered into force are required to first issue an instrument of acceptance and accession and then proceed to formally ratify the agreement in order to fully activate their membership of the bank.

Eritrea's membership comes in the wake of the recent acquisition of shares in the bank by South Africa, which has named the Export Credit Insurance Corporation of South Africa as its designated investor.

ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Linet Toto excited as she unveils sleek ride after 1 month in office [Photos]

Linet Toto excited as she unveils sleek ride after 1 month in office [Photos]

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Diwali 2022: Is Monday a public holiday in Kenya?

Diwali 2022: Is Monday a public holiday in Kenya?

Top 10 African countries with the highest economic prospects for 2023

Top 10 African countries with the highest economic prospects for 2023

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Mathias Pogba brands Paul Pogba 'a so-called Muslim steeped in witchcraft' amid fetish claims about Kylian Mbappe

Mathias Pogba brands Paul Pogba 'a so-called Muslim steeped in witchcraft' amid fetish claims about Kylian Mbappe

Referee behind chaos at AFCON was rushed to hospital after match

Referee behind chaos at AFCON was rushed to hospital after match

Ne-Yo speaks out after wife Crystal announced end of their 8-year marriage

Ne-Yo speaks out after wife Crystal announced end of their 8-year marriage

ADVERTISEMENT