African Export–Import Bank

African Export–Import Bank, commonly known as Afreximbank, is a pan-African supranational multilateral financial institution headquartered in Cairo, Egypt. Created in 1993 under the auspices of the African Development Bank, it was established to address structural constraints on African trade by providing financing, guarantees, risk-management tools and institutional support for commerce within Africa and between Africa and external markets. The bank’s legal foundation was agreed at a constituent general assembly held at the African Development Bank headquarters in Abidjan on 8 May 1993. Its charter gave the institution international-organization status, juridical personality and specified privileges and immunities in participating jurisdictions. Afreximbank was formally launched at its first General Meeting of Shareholders in Abuja in October 1993, when Christopher Edordu became its first president. Operations began in 1994 with the bank’s participation in a syndicated loan for Ghana’s Cocoa Board. Afreximbank serves both public-sector and private-sector clients. Its activities include structured trade finance, export and import finance, project finance, guarantees, investment and risk mitigation. The institution works with governments, corporations, commercial banks, export-credit agencies, development-finance institutions and other multilateral organizations. Its purpose is broader than that of a conventional domestic commercial bank: it seeks to improve the infrastructure, systems and financial capacity needed for cross-border trade and economic integration. The institution’s shareholder structure combines African public-sector participation with African and international private and institutional capital. As reported for December 2023, its shareholders were organized into four classes. Class A comprises African governments and continental, regional and sub-regional bodies; Class B comprises African private investors and national financial institutions; Class C comprises international financial institutions, economic organizations, non-regional institutions and non-African private investors; and Class D is open to African or non-African investors. Afreximbank’s wider group includes the Fund for Export Development in Africa, an impact-investment subsidiary headquartered in Kigali, Rwanda, and AfrexInsure, a wholly owned insurance-management subsidiary based in Mauritius and launched in 2023. It also supports or participates in initiatives intended to reduce practical barriers to African commerce. These include the Pan-African Payment and Settlement System, which facilitates eligible cross-border payments in local African currencies; MANSA, a customer-due-diligence and know-your-customer information repository; the Intra-African Trade Fair; Africa Quality Assurance Centre facilities; and CANEX, a program for Africa’s creative and cultural industries. The bank has also expanded beyond conventional trade-finance activities into trade-enabling infrastructure, health-related investment and economic-recovery programs. Its membership covered 53 participating African states and 12 Caribbean states under the CARICOM Partnership Agreement as of the cited December 2024 reference point. By the end of 2024, the cited reference material reported total assets and guarantees of $40.1 billion and shareholder funds of $7.2 billion. Those figures describe a specific reporting period and should not be treated as current without updated financial statements. Afreximbank is therefore positioned as a regional development and trade-finance institution whose brand is associated with African economic integration, export development, cross-border payments, trade facilitation and the implementation of the African Continental Free Trade Area. Its present scope combines banking, investment, insurance management, market infrastructure and convening activities across Africa and its growing Caribbean connections.

African Export–Import Bank was conceived as a specialized African institution for financing trade and was formalized through an agreement adopted at a constituent assembly on 8 May 1993 at the African Development Bank’s headquarters in Abidjan. Participating states signed the establishing agreement, while prospective shareholders endorsed the charter. The agreement recognized Afreximbank as an international organization with juridical personality and granted it specified immunities, exemptions and privileges in participating territories. The bank was officially launched at its first General Meeting of Shareholders in Abuja in October 1993. Christopher Edordu became its first president, and the institution began operations in 1994. Its first cited transaction was participation in a $150 million syndicated facility for Ghana’s Cocoa Board, with Afreximbank providing $6.5 million. This early activity established the institution’s continuing role as a provider of trade-related finance to African public institutions and businesses. Over time, Afreximbank developed from a trade-finance institution into a broader platform for African economic integration. It financed intra-African and extra-African commerce, supported trade-enabling infrastructure, worked with commercial and development banks, and introduced mechanisms intended to reduce information, payments, quality-assurance and risk barriers. Its work increasingly connected conventional lending with investment, insurance management, digital infrastructure, trade fairs and sector-specific programs. The bank’s authorized share capital began at $750 million in 1993. It was increased to $5 billion on 8 December 2012. In October 2021, Afreximbank announced a further $6.5 billion general capital increase, of which $2.6 billion was designated as paid-in capital, to strengthen its capacity and broaden its services. The institution’s leadership has passed through four presidencies identified in the cited reference material: Christopher Edordu from 1993 to 2005, Jean-Louis Ekra from 2005 to 2015, Benedict Okey Oramah from 2015 to 2025, and George Elombi, appointed in 2025. The General Meeting of Shareholders is the highest decision-making body. It elects the board through the shareholder classes and appoints the president on the board’s recommendation. The president is the chief executive and legal representative, while the board oversees the general conduct of the bank’s business. Afreximbank has also built a group structure around its core institution. FEDA operates as an impact-investment subsidiary headquartered in Kigali. AfrexInsure, headquartered in Mauritius, is a wholly owned insurance-management subsidiary launched in 2023. Other initiatives include MANSA, a collaborative customer-due-diligence repository; PAPSS, developed with the African Union to support real-time cross-border payments in local currencies; the Intra-African Trade Fair; the Africa Quality Assurance Centre; CANEX for the creative economy; and the African Medical Centre of Excellence project in Abuja. By December 2024, the cited material recorded 53 participating African states and 12 participating Caribbean states under the CARICOM Partnership Agreement. It also reported $40.1 billion in total assets and guarantees and $7.2 billion in shareholder funds at the end of 2024. Between 2016 and 2022, the bank reportedly disbursed more than $86 billion in support of African economies. From 2020 to 2022, it reportedly provided about $50 billion on a revolving basis to help African countries manage the economic effects of the COVID-19 pandemic and the Ukraine crisis. These financial figures are period-specific and require confirmation against the latest official accounts before being used as current metrics.

1. 2025George Elombi appointed president

   George Elombi was appointed president and chairman of the board for a five-year term.

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2. 2023AfrexInsure launched

   The group launched its wholly owned insurance-management subsidiary in Mauritius.

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3. 2021General capital increase announced

   The bank announced a $6.5 billion general capital increase, including $2.6 billion in paid-in capital.

   Source
4. 2012Authorized capital increased

   Authorized share capital was increased from the institution’s original $750 million level to $5 billion.

   Source
5. 1994Operations commence

   The bank participated in a syndicated loan for Ghana’s Cocoa Board, an early demonstration of its trade-finance mandate.

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6. 1993Establishing agreement adopted

   A constituent assembly at the African Development Bank headquarters in Abidjan formalized the institution and its charter.

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7. 1993Official launch in Abuja

   Afreximbank was launched at its inaugural General Meeting of Shareholders in Abuja, Nigeria, and Christopher Edordu became its first president.

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Pan-African supranational trade-finance and economic-integration institution

• Trade FinanceBanking and trade finance

  Afreximbank provides financing for imports, exports and cross-border transactions involving African governments, companies and financial institutions. The offering supports both intra-African trade and commerce between Africa and external markets, often working through or alongside commercial banks, export-credit agencies and development-finance institutions.

• Project FinanceDevelopment finance

  Project-finance activities support investments aligned with trade, infrastructure and economic-development objectives. The bank’s project role complements its trade-finance mandate by helping develop the transport, production and other enabling assets required for more efficient regional commerce.

• Guarantees and Risk MitigationRisk management

  Guarantees and related risk-management instruments help reduce counterparty, country and transaction risks in African trade and investment. These tools are designed to mobilize additional financing from commercial and institutional partners where perceived risk might otherwise restrict cross-border activity.

• Fund for Export Development in AfricaImpact investment

  FEDA is Afreximbank’s impact-investment subsidiary. Headquartered in Kigali, Rwanda, it was established with an initial $100 million capital contribution from the parent bank and invests in activities intended to expand export capacity, industrial development and intra-African value chains.

• AfrexInsureInsurance management2023

  AfrexInsure is a wholly owned subsidiary based in Mauritius. Launched in 2023, it specializes in insurance-management services connected with trade and investment activities across Africa, extending the group’s risk-support capabilities beyond lending and guarantees.

• Pan-African Payment and Settlement SystemPayment infrastructure

  PAPSS was developed with the African Union as a real-time gross-settlement system for eligible cross-border African payments. Its purpose is to enable transactions using local African currencies, reducing reliance on international reserve currencies and easing payment friction in intra-African trade.

• MANSAFinancial information infrastructure

  MANSA is a collaborative customer-due-diligence and know-your-customer repository developed with African financial institutions and public-sector partners. It provides profiles for African banks, companies and small and medium-sized enterprises so international institutions can conduct verification more efficiently.

• Intra-African Trade FairTrade facilitation

  The biennial Intra-African Trade Fair is organized with the African Union Commission and the AfCFTA Secretariat. It brings together businesses, investors and governments through exhibitions, conferences and networking intended to generate transactions and strengthen implementation of the African Continental Free Trade Area.

• CANEXCreative-industry support

  Creative Africa Nexus supports creative and cultural industries including fashion, film, music, visual arts, publishing and digital media. The initiative combines financing, capacity development and market access for entrepreneurs, investors, professionals and policymakers in Africa’s creative economy.

• Africa Quality Assurance CentreExport infrastructure

  The Africa Quality Assurance Centre initiative develops testing, inspection and certification capacity for African products seeking access to international markets. Its first facility was launched in Nigeria with an initial focus on agricultural products and the quality-compliance challenges faced by exporters.

• 2024Annual Meeting and AfriCaribbean Trade and Investment Forum

  Africa · Caribbean

  The bank hosted its 31st Annual Meeting in Nassau, Bahamas, alongside the third AfriCaribbean Trade and Investment Forum, reinforcing its trade and investment links with CARICOM states.

  Outcome. Expanded Africa–Caribbean business and policy engagement

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• 202330th Annual General Meeting

  Africa

  Afreximbank convened its 30th Annual General Meeting in Accra, Ghana, from 18 to 21 June.

  Outcome. Institutional and shareholder convening

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• 2016Afreximbank Annual General Meeting in Seychelles

  Africa · International shareholders

  The bank held its 23rd Annual General Meeting in Seychelles from 18 to 24 July. It was the first annual meeting chaired by President Benedict Okey Oramah.

  Outcome. Shareholder and governance meeting

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• 2025Appoint a new president and board chairmanOther

  A leadership succession followed Benedict Okey Oramah’s decade as president and chairman.

  What changed. Shareholders appointed George Elombi to a five-year term at the 28 June 2025 Annual General Meeting.

  Aftermath. Elombi succeeded Oramah and became the institution’s fourth president.

  Source
• 2023Launch AfrexInsureM&A

  The group sought to broaden its support for trade and investment risk beyond its core banking activities.

  What changed. A wholly owned insurance-management subsidiary was launched in Mauritius.

  Aftermath. AfrexInsure became part of the Afreximbank Group’s trade and investment risk-support structure.

  Source
• 2021Launch a general capital increaseStrategy

  Afreximbank aimed to expand its ability to finance African trade and diversify its services.

  What changed. The bank announced a $6.5 billion general capital increase, including $2.6 billion in paid-in capital.

  Aftermath. The initiative was intended to strengthen lending capacity and support a broader group strategy.

  General capital increase. $6.5 billion, including $2.6 billion paid-in (Announced 28 October 2021)

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• 2012Increase authorized share capitalStrategy

  The institution sought greater capacity to support its expanding trade-finance and development mandate.

  What changed. Authorized share capital was increased to $5 billion on 8 December 2012.

  Aftermath. The higher authorization provided a larger potential capital base for future growth and shareholder subscriptions.

  Authorized share capital. $750 million → $5 billion (1993 to 8 December 2012)

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• 2025George Elombi appointed president and board chairman

  George Elombi was appointed to a five-year term at the Annual General Meeting held on 28 June 2025 and succeeded Benedict Okey Oramah.

  Leadership change
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• 2024Afreximbank reports expanded balance-sheet capacity

  Reference material reported total assets and guarantees of $40.1 billion and shareholder funds of $7.2 billion at the end of 2024.

  Other
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• 2023AfrexInsure launches as an insurance-management subsidiary

  Afreximbank launched AfrexInsure in Mauritius to provide insurance-management services connected with African trade and investment.

  Product launch
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• 2023Afreximbank holds its 30th Annual General Meeting in Accra

  The bank’s 30th Annual General Meeting took place in Accra, Ghana, from 18 to 21 June.

  Other
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• 2021Afreximbank announces a general capital increase

  The institution announced a $6.5 billion general capital increase, including $2.6 billion in paid-in capital, to expand lending capacity and diversify services.

  Other
  Source
• 1994Afreximbank begins operations after inaugural launch

  The bank commenced operations and joined a syndicated loan for Ghana’s Cocoa Board, contributing $6.5 million to a $150 million transaction.

  Other
  Source

1. African Export–Import Bank
2. Afreximbank official website