Minister: Afreximbank Achieves Positive Results Despite Global Challenges, Income Up 15%Source: www.export-egypt.com 6/18/2022, Location: Africa |
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The African Export-Import Bank (Afreximbank) has managed to achieve positive financial results over the past two years despite global challenges, Minister of Finance and Chairperson of Afreximbank's General Assembly Mohamed Maait said.
The bank's income grew by 15 per cent during 2021, compared to the previous year; while shareholders' contributions have increased by 17 per cent, with working capital amounting to $2.6 billion to help member states hedge against global shocks, Maait added during a meeting of Afreximbank's General Assembly at the New Administrative Capital. In addition, the bank's five-year plan (2017-2021) was successfully executed, a new strategy has been launched for 2022-2026, and the Fund for Export Development in Africa (FEDA) had been financed, the minister noted in a statement released by the Finance Ministry He also revealed that $291.8 million had been allocated for upgrading and mechanizing the bank's services to boost governance and help achieve the bank targets. "The bank has proven to be a powerful engine for building and development in Africa," Maait said, noting the volume of mutual cooperation between the bank and Egypt in estimated at $6.5 billion in all sectors. Speaking about Afreximbank's contributions to help African states deal with the economic and health-related impact of the coronavirus pandemic, Maait said the bank had provided $8 billion in financial assistance to African states since March 2020. |
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