Latest news with #32ndAnnualMeetings
See - Sada Elbalad
12 hours ago
- Business
- See - Sada Elbalad
Afreximbank's Assets Surge to $43.5 Billion
Taarek Refaat As his transformative tenure comes to a close, Professor Benedict Oramah, President of the African Export-Import Bank (Afreximbank), announced a monumental rise in the institution's assets, revenues, and impact over the past decade, as he officially steps down during the opening session of the Bank's 32nd Annual Meetings hosted in Nigeria. Speaking before stakeholders and dignitaries, Oramah revealed that Afreximbank's total assets and guarantees soared from $5 billion in 2015 to $43.5 billion in April 2025—a more than eightfold increase. Over the same period, total revenues jumped from $408 million to $3.24 billion, while net income surged by 700%, reaching $1 billion in 2024. Oramah, who has helmed the bank since 2015, reflected on a decade marked by crises and resilience. 'We were tested by shocks—from commodity price crashes and a global pandemic to geopolitical upheaval—but with strong shareholder support, we delivered," he said. Though stepping down, Oramah set an ambitious tone for Afreximbank's next chapter, forecasting that the bank's total assets and guarantees could exceed $250 billion within the next ten years. 'Today, Afreximbank is not just a bank—it is a continental shield in times of crisis and a catalyst for Africa's transformation,' he stated. Afreximbank's track record under Oramah's leadership has been marked by bold and responsive financial interventions across the continent and beyond. Between 2020 and May 2025, the bank invested $120 billion across Africa and the Caribbean, addressing urgent development and recovery needs. Over the past decade, it deployed a total of $155 billion in trade finance and economic support, solidifying its role as a financial backbone for African economies. During the 2015–2016 commodity price shock, Afreximbank disbursed $10 billion to support countries such as Nigeria, Egypt, and Ghana in meeting their trade-related debt obligations and stabilizing their foreign exchange markets. Amid the COVID-19 pandemic, the bank allocated $8 billion in assistance—including $2 billion specifically for the procurement of 400 million doses of Johnson & Johnson vaccines. In response to the geopolitical and economic disruptions caused by the Russia–Ukraine conflict, Afreximbank disbursed $50 billion between 2022 and 2023, further reinforcing its role as a crisis-response institution for the continent. Innovation in Payments and Trade Finance Since the launch of Afreximbank's proprietary "AfPAY" cross-border payment system in 2020, the bank has facilitated $68 billion in commercial payments across 61 African and Caribbean nations. Additionally, it supported $33 billion in trade finance through letters of credit and confirmation services in over 30 countries. These financial instruments have helped reduce Africa's dependency on foreign currency and streamlined intra-African trade in line with the African Continental Free Trade Area (AfCFTA) agenda. Shareholder equity has grown dramatically—from $1 billion in 2015 to $7.5 billion in 2025, while liquidity expanded tenfold from $450 million to $4.5 billion over the same period. As Professor Oramah exits his post, he leaves behind not just a stronger institution, but a symbol of African financial sovereignty and resilience. "It has been the honor of a lifetime to lead Afreximbank during these defining years," he said, thanking Nigeria for hosting what would be his final address to shareholders as president. His legacy, by all metrics, is one of exponential growth, bold leadership, and deep commitment to Africa's future. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
See - Sada Elbalad
a day ago
- Business
- See - Sada Elbalad
Afreximbank Projects Egypt's Economy to Grow by 3.8% in 2025
Taarek Refaat The African Export-Import Bank (Afreximbank) has projected Egypt's economy to grow by 3.8% in 2025, according to its 2025 African Trade Report, released during the bank's 32nd Annual Meetings in Abuja. The report, titled 'African Trade in a Changing Global Financial Landscape,' outlines cautious optimism for the continent's economic outlook. Regional Growth Momentum According to the report, Africa's overall economic growth is expected to accelerate to 4% in 2025, up from 3.2% in 2024, and potentially reaching 4.2% in 2026, despite mounting global economic uncertainty and structural challenges. Several key economies are set to contribute to this growth, including: -Egypt at 3.8% -Algeria at 3.5% -Ethiopia at 6.1% -Morocco at 3.9% Tanzania and Uganda, each projected at 6% The report attributes Africa's improved economic outlook to a combination of supportive factors. Chief among these is the rising global demand for African exports, which continues to strengthen the continent's trade performance and foreign exchange earnings. In parallel, inflationary pressures are easing in many African economies, helping to restore household purchasing power and stimulate private consumption. Additionally, favorable monetary policies across the continent are making credit and investment more accessible, particularly for businesses and infrastructure development. The report also highlights the positive impact of structural reforms being implemented in several countries, aimed at reducing reliance on primary commodities and fostering more diversified, resilient economic models. Despite these encouraging trends, the report warns that risks to the outlook remain tilted to the downside. Heightened geopolitical tensions, including regional conflicts and instability, pose a threat to investor confidence and cross-border cooperation. Moreover, the potential escalation of global trade disputes could undermine Africa's export growth and integration into international markets. Finally, rising uncertainty around fiscal and regulatory policies—both within Africa and among its key trading partners—may deter investment and complicate economic planning. Slowdowns in major economies such as China and the United States, which continue to dampen global financial conditions and reduce demand for African commodities The report highlights that the continued implementation of the African Continental Free Trade Area (AfCFTA) could mitigate external shocks by strengthening intra-African trade, investment flows, and regional integration, thereby boosting economic activity across the continent. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
See - Sada Elbalad
2 days ago
- Business
- See - Sada Elbalad
Egypt's CBE Governor Attends 2025 Afreximbank Annual Meetings
Taarek Refaat Hassan Abdullah, Governor of the Central Bank of Egypt, is taking part in the 32nd Annual Meetings of the African Export-Import Bank (Afreximbank), held from June 25 to 27. The event gathers a high-profile lineup of heads of state, senior policymakers, investors, and economists from Africa, the Caribbean, and more than 80 countries worldwide. This year's theme — 'Building the Future on Decades of Resilience' — reflects the continent's ongoing efforts to transform its economic landscape through trade, innovation, and strategic partnerships. The meetings aim to accelerate intra-African trade and cross-border investment, strengthen South-South cooperation, expand public-private partnerships across critical sectors Governor Abdullah's participation underscores Egypt's commitment to regional financial integration and its growing leadership in African economic development. Among the prominent figures attending the summit: President Bola Ahmed Tinubu of Nigeria, Former President Olusegun Obasanjo Ambassador Albert Muchanga, African Union Commissioner for Economic Development, Trade, Industry, and Tourism, as well as senior ministers, central bank governors, and CEOs from across Africa and the Caribbean. The agenda features high-level policy panels and economic dialogues, including sessions led by Jeffrey Sachs, Columbia University, Kishore Mahbubani, National University of Singapore, as well as African business icons such as Aliko Dangote and Tony Elumelu Egypt's Strategic Role The governor is expected to emphasize Egypt's vision for financial inclusion, fintech innovation, and regional infrastructure financing, aligning with Afreximbank's mission to build resilient African economies. Egypt, one of the bank's founding members, continues to play a pivotal role in regional banking reform and cross-border payment systems, including the Pan-African Payment and Settlement System (PAPSS). As African economies navigate global uncertainty, rising debt burdens, and climate-related challenges, this year's Afreximbank meetings are seen as a critical forum for shaping a new financial architecture — one centered on self-reliance, digitization, and sustainable development. Egypt's presence — through Governor Hassan Abdalla — signals not only participation, but a strategic stake in shaping that future. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
