South Africa has taken up shareholding in African Export-Import Bank (Afreximbank), the African continental multilateral trade finance institution.
With the shareholding, South Africa becomes the 47th African country to join Afreximbank as a participating state and/or shareholder. It is represented by the Export Credit Insurance Corporation of South Africa (ECIC) as its designated investor in line with the terms of the provisions of the charter of the bank.
“It is a significant vote of confidence to have South Africa join Afreximbank as a shareholder,” said Dr. Benedict Oramah, president of the bank.
“South Africa accounts for about 30 to 35 per cent of total intra-African trade, making its membership critical for the attainment of the bank’s strategic goal of moving intra-African trade share from about 15 per cent currently to 22 per cent by 2021 and raising its annual value to more than $250 billion by that year.
“We are confident that its membership of Afreximbank will enable it to play a significant role in driving trade across the continent.”
“We are humbled while also motivated by the trust and confidence that the South African government has placed on ECIC to assume the role of designated institution for membership of the bank,” said Kutoane Kutoane, CEO of ECIC.
Similarly, the East African country of Eritrea has also joined membership of African Export-Import Bank (Afreximbank), becoming the 48th African country to become a participating state or shareholder in the continental multilateral trade finance institution.