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The agreements, signed by Afreximbank President, Benedict Oramah, on the one hand, and the leaders of the Bank of Industry of Nigeria and the African businessman most rich, Dangote, unfold in a context of internal debate about membership.
Afreximbank will provide $ 750 million to the Nigerian Bank for Industry and an additional $ 500 million for the construction of the largest African refinery in Nigeria, one in Nigeria. The signing ceremony of the agreements came shortly after Benedict Oramah's speech on the activities of the bank last year in which the banker was seeking to present the broad lines of activity of this financial institution focused on trade support.
"Africa is reborn from the ashes at the end of the last century, when there were 14 active civil wars and all major banks were leaving Africa," recalled the president of the bank that celebrates his 25 years of existence. "The relevance of this bank has been tested over the past two years, when the impacts of the commodity shock have disrupted economies and access to finance," he added, adding that during this period Afreximbank has launched a $ 5 billion counter-cyclical finance line for African economies, including $ 2 billion for Angola between 2015 and 2017.
"We anticipate when other banks will recede," Oramah told an audience which included the shareholders of the bank and the businessmen and financial sector agents who attended the annual meetings of Afreximbank, which ends today.
To the shareholders, Oramah also left good news: "Our revenues have increased by 25% to 645 million dollars and profits have increased by 34% to reach 220 million dollars," while the difficulties of payment or accounted for 2.5% of the total, an increase of 0.1% in 2017.
Regarding the challenges for the future, the President of Afreximbank highlighted the potential trade war between the United States and the United States. United States and other economies and the monetary policy impacts of the US Federal Reserve and the European Central Bank.
Afreximbank, whose Annual Meetings ran until Saturday in Abuja, the capital of Nigeria, is a support bank for trade, exports, and imports in Africa and was established in Abuja in 1993. It has a capital of 11.9 billion dollars and is based in Cairo. 19659002] Shareholders are public and private entities divided into four categories and include African governments, central banks, regional and subregional institutions, private investors, financial institutions, export credit and investors in addition to non-African financial institutions and individual investors.
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