The African Export-Import Bank (Afreximbank) is an international financial institution that was established in 1993 by African governments, African private investors, and non-African investors to promote and finance trade and investment in Africa. The bank`s main objective is to facilitate the growth of African trade and promote the continent`s economic integration.
The establishment agreement of Afreximbank is a legal document that outlines the framework for the operation of the bank, its governance structure, and its relationship with its members. The agreement was signed on October 8, 1993, in Abidjan, Ivory Coast, and came into effect on April 8, 1994.
Under the establishment agreement, Afreximbank is authorized to provide financing for exports, imports, and trade-related infrastructure projects in Africa. The bank`s capital is provided by its shareholders, who are African governments, African private investors, and non-African investors. The bank`s authorized capital is currently set at US$5 billion.
The agreement also establishes the governance structure of Afreximbank, which is headed by a Board of Directors and a President and CEO. The Board of Directors is responsible for the overall management and direction of the bank, while the President and CEO is responsible for the day-to-day management of the bank`s operations.
The establishment agreement of Afreximbank is an important document for investors and businesses looking to do business in Africa. It provides a legal framework for the operation of the bank, which is important for ensuring the stability and credibility of its operations.
In addition to providing financing for trade and investment in Africa, Afreximbank also plays an important role in promoting the continent`s economic integration. The bank has launched a number of initiatives aimed at promoting trade and investment among African countries, including the African Trade Policy Centre, which provides technical assistance to African governments and regional organizations on trade policy issues.
In conclusion, the establishment agreement of Afreximbank is an important legal document that outlines the framework for the operation of the bank and its relationship with its members. The agreement provides a stable and credible framework for the bank`s operations, which is important for promoting trade and investment in Africa. Investors and businesses looking to do business in Africa should familiarize themselves with the establishment agreement of Afreximbank to fully understand the role the bank plays in promoting economic growth and development on the continent.