Bank of Zambia governor, Kalyalya, re-elected to Afreximbank board as shareholders approve major reforms

Bank of Zambia Governor, Dr Denny Kalyalya, has been re-elected to the Board of Directors of the African Export-Import Bank (Afreximbank) during the bank’s 32nd Annual General Meeting (AGM).

In a statement, Kalyalya retained his seat alongside John Panonesta Mangudya of Zimbabwe and Victor Jérôme Nembelessini-Silué of Côte d’Ivoire, following strong backing from shareholders.

During the AGM, shareholders approved a series of strategic resolutions aimed at strengthening the bank’s governance, financial resilience, and development impact.

One of the most significant outcomes was the appointment of George Elombi as the new President and Chairman of the Board of Directors, succeeding Professor Benedict Oramah, who is stepping down after nearly a decade of transformative leadership.

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Among the key reforms was the expansion of the bank’s Concessional Finance Window, with its capital base increasing fivefold from US$1 billion to US$5 billion.

Shareholder contributions were also scaled up from US$200 million to US$700 million, in response to rising demand for development finance across Africa and the Caribbean.

Member States reaffirmed their commitment to Afreximbank’s Preferred Creditor Status—a crucial safeguard that protects the bank’s loans during sovereign debt restructurings.

Wale Edun, Nigeria’s Minister of Finance and Chairman of the AGM, underscored the shareholders’ continued confidence in Afreximbank’s mandate and operations.

He reiterated their respect for the 1993 treaty establishing the bank, which enshrines binding sovereign commitments and underpins its preferential status.

“Shareholders reaffirm their commitment to the Bank’s Preferred Creditor Status, as outlined in the Establishment Agreement signed by all member states,” Edun stated.

The shareholders also called for collective responsibility in safeguarding the integrity of African Multilateral Financial Institutions.

In his final address to shareholders, outgoing President, Prof Oramah praised the AGM’s outcomes, particularly the capital increase to the Africa Trade Transformation Fund.

“I commend our shareholders for the bold and strategic decisions made—especially their unwavering reaffirmation of obligations under the Afreximbank Establishment Agreement, which ensures the bank’s Preferred Creditor Status,” he said.

“The expansion of the Concessional Finance initiative from US$1 billion to US$5 billion will be instrumental in driving Africa’s transformation,“ he added.

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