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The African Export-Import Bank (Afreximbank) has reported robust growth despite economic challenges, registering US$2.6 billion in gross revenue for the year ended 31 December 2023.
This marks a 74.2 percent increase from US$1.5 billion in 2022.
Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, made the announcement in Nassau, Bahamas, on Thursday.
Speaking at the 31st edition of the Afreximbank Annual General Meeting (AAM) and the Africaribbean Trade and Investment Forum 2024, Oramah highlighted that net income rose by 66.07 percent to US$756.1 million, up from US$455.3 million the previous year.
Oramah noted that Group entities, including the Fund for Export Development in Africa (FEDA) and Afreximbank Insurance Management Company (Afrexinsure), contributed modestly to revenue growth and profits.
He further stated that the bank had disbursed US$18 billion representing 8.7 percent rise.
Held under the theme, “Owning Our Destiny: Economic Prosperity on the Platform of Global Africa,” the event emphasized significant financing support for projects like the Dangote Refinery, which has received US$2.6 billion from Afreximbank.
The Dangote Refinery, valued at approximately US$19 billion, is one of Africa’s largest industrial projects.
Oramah also highlighted the operational success of the Pan-African Payment and Settlement System (PAPSS) and discussed initiatives to combat COVID-19, including collaboration with the African Union to procure vaccines for African economies.
He expressed gratitude to the government of the Bahamas for hosting the Afreximbank Annual Meetings and Caribbean Economic Forum in Nassau.
Oramah also detailed the bank’s initiatives in the Caribbean, focusing on financing opportunities and payment systems for the Caribbean Community (CARICOM).
Guyana President and Chairperson of the Conference of Heads of Government of CARICOM, Dr. Mohamed Irfaan Ali, emphasized the importance of trust among Caribbean and African leaders in building strong economic ties.
He highlighted the need for self-narrative and unity to shape their economic futures, calling for collaborative efforts in sectors like renewable energy and aquaculture.
“If we don’t tell the story, then who will tell the story for us? We have to shape the conversation and we have the capacity to shape the conversation. The type of leadership that we possess allows us to define the future as we see it,” President Ali said.
Abena Osei-Asare, Minister of State, Ministry of Finance, Ghana, underscored the enduring spirit of unity and collaboration between Africa and the Caribbean.
She called for decisive action to move from talk to action and realize the true potential of global Africa.
Moussa Faki, Chairperson of the African Union Commission, reiterated the importance of unity and collaboration.
In a speech read on his behalf by Deputy Chairperson Dr. Monique Nsanzabaganwa, Faki expressed appreciation for Afreximbank’s support and leadership.
He emphasized the need for comprehensive solutions to global challenges, aligning Africa’s interests with those of the Caribbean.
“The African Union is prioritizing the reform of the international financial architecture, debt restructuring, food security, energy transitions, and improving Africa’s credit rating.
“Our interests align strongly with those of the Caribbean in these areas,” Faki said, calling for support for initiatives like PAPSS to foster a united Global Africa.
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