Latest news with #BenedictOramah
Al-Ahram Weekly
2 days ago
- Business
- Al-Ahram Weekly
Afreximbank launches its African Trade Report 2025 - Economy
The African Export-Import Bank (Afreximbank) launched its flagship African Trade Report 2025, themed 'African Trade in a Changing Global Financial Architecture,' on Thursday during the Afreximbank Annual Meetings (AAM2025) in Abuja. The report examines Africa's trade performance in a challenging global environment characterized by rising geopolitical tensions, new trade barriers, and financial uncertainty. It also analyses how the continent could leverage these challenges into opportunities to enhance its resilience and navigate the evolving landscape. 'This year's report provides a compelling roadmap for Africa to reposition itself in a volatile global economy. From strengthening trade finance systems to accelerating the AfCFTA, the message is clear: Africa must turn global fragmentation into an opportunity for industrialisation, digital progress, and greater control over its financial systems,' Professor Benedict Oramah, the president and chairman of the Afreximbank Board of Directors, said. Dr. Yemi Kale, Afreximbank's group chief economist and managing director of research, noted that despite global headwinds, Africa's trade rebounded strongly in 2023. Trade between African countries grew by 12.4 percent to reach $220.3 billion, from a contraction of 5.9 percent in 2023. "This shows the tangible benefits of AfCFTA implementation, even as the continent contends with rising inflation, sovereign debt risks, and a persistent trade finance gap,' he added. The report also indicates that Africa's total merchandise trade rebounded, increasing by 13.9 percent in 2024 to $1.5 trillion, following a 5.4 percent contraction in 2023. However, Africa still makes up only 3.3 percent of global exports. This provides a clear signal that the continent must do more by moving away from commodity exports and accelerating its industrialization process if it is to enhance its integration into global value chains and boost intra-African trade. It also requires better access to trade finance to bridge the estimated $100 billion gap. While the global economy, which slowed to 3.3 percent growth in 2024, is expected to decline further in 2025, Africa's growth held steady. The continent's economy grew by 3.2 percent, supported by strong commodity prices and better public finances. Still, growth remains uneven across the continent. Moreover, Afreximbank's report emphasizes the importance of advancing the African Continental Free Trade Area (AfCFTA), which is becoming a foundation for trade resilience across the region. It also highlights the expanding use of the Pan-African Payment and Settlement System (PAPSS), which is helping to reduce reliance on foreign currencies and making cross-border trade more efficient. Furthermore, the report provides practical guidance on harmonizing trade rules and regulations across countries, unlocking investment from African institutions such as pension funds and sovereign funds, and utilizing Africa's new representation in the G20 to advocate for overdue global reforms. This includes ensuring a fairer share of global financial resources, such as Special Drawing Rights, an international reserve currency created by the IMF, and increasing access to climate finance. It also calls for adjustments in credit ratings to more accurately reflect the strength and potential of African economies. Additionally, it highlights the growing significance of the Alliance of African Multilateral Financial Institutions (AAMFI), as it increases funding for development and helps rebuild a financial ecosystem that works better for Africans. In 2024, Afreximbank alone disbursed more than $17.5 billion in trade finance. It plans to increase that amount to $40 billion by 2026. As Africa faces a rapidly changing global environment, the report offers more than just analysis. It provides a transparent and practical plan for building a stronger, fairer, and more resilient African economy, driven from within the continent. Follow us on: Facebook Instagram Whatsapp Short link:
Zawya
2 days ago
- Business
- Zawya
Afreximbank Launches 2025 Report on African Trade in a Shifting Global Financial Landscape
African Export-Import Bank (Afreximbank) ( today launched its flagship African Trade Report 2025, themed 'African Trade in a Changing Global Financial Architecture', during the Afreximbank Annual Meetings (AAM2025) in Abuja. Download Document: The report looks at the performance of Africa's trade in a challenging global environment charaterised by rising geopolitical tensions, new trade barriers, and financial uncertainty—and analyses how the continent could leverage these challenges into opportunities to enhance its resilience and navigate the evolving landscape. Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, said: 'This year's report provides a compelling roadmap for Africa to reposition itself in a volatile global economy. From strengthening trade finance systems to accelerating the AfCFTA, the message is clear: Africa must turn global fragmentation into an opportunity for industrialisation, digital progress, and greater control over its financial systems.' Dr. Yemi Kale, Afreximbank's Group Chief Economist and Managing Director of Research, added: 'Despite global headwinds, Africa's trade rebounded strongly in 2024, with trade between African countries growing by 12.4% to reach US$220.3 billion, from a contraction of 5.9% in 2023. This shows the tangible benefits of AfCFTA implementation, even as the continent contends with rising inflation, sovereign debt risks, and a persistent trade finance gap.' The report shows that Africa's total merchandise trade recovered, surging by 13.9% in 2024, to US$1.5 trillion, following a 5.4% contraction in 2023. However, Africa still makes up only 3.3% of global exports. That's a clear signal. The continent must do more by moving away from commodity exports and accelerating its industrialisation process if it is to enhance its integration into global value chains and boost intra-African trade. It also needs better access to trade finance to bridge the gap estimated at about US$100 billion. While the global economy slowed to 3.3% growth in 2024 and is expected to dip further in 2025, Africa held steady. The continent's economy grew by 3.2%, helped by strong commodity prices and better public finances. Still, growth remains uneven across the continent. Afreximbank's African Trade Report 2025 emphasises the importance of advancing the African Continental Free Trade Area (AfCFTA), which is becoming a foundation for trade resilience across the region. It also highlights the expanding use of the Pan-African Payment and Settlement System (PAPSS), which is helping to reduce reliance on foreign currencies and making cross-border trade more efficient. In addition, the report offers practical guidance on making trade rules and regulations more consistent across countries, unlocking investment from African institutions like pension funds and sovereign funds, and using Africa's new seat in the G20 to push for overdue global reforms. This includes ensuring a fairer share of global financial resources, such as Special Drawing Rights, an international reserve currency created by the IMF and increasing access to climate finance. It also calls for changes in credit ratings to better reflect the strength and potential of African economies. The report highlights the growing significance of the Alliance of African Multilateral Financial Institutions (AAMFI), as it is increasing funding for development and helping to rebuild a financial ecosystem that works better for Africans. In 2024, Afreximbank alone disbursed more than US$17.5 billion in trade finance. It plans to increase that amount to US$40 billion by 2026. As Africa faces a rapidly changing global environment, the report offers more than just analysis. It provides a clear and practical plan for building a stronger, fairer, and more resilient African economy, driven from within the continent. Distributed by APO Group on behalf of Afreximbank. Media Contact: Vincent Musumba Communications and Events Manager (Media Relations) Email: press@ Follow us on: X: Facebook: LinkedIn: Instagram: About Afreximbank: African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank's total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa1), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, "the Group"). The Bank is headquartered in Cairo, Egypt.
Zawya
23-05-2025
- Business
- Zawya
Foundations and Evolutions of Structured Trade Finance, Second Edition By Professor Benedict O. Oramah
Structured Trade Finance (STF) is a highly specialised area of trade finance that has evolved directly from practice. As it grows and becomes more complex in an increasingly risk-based regulatory environment, there is a need for more detailed guidance on this subject. Now in its second edition, Foundations and Evolutions of Structured Trade Finance will provide you with exactly this. Written by Dr Benedict O. Oramah, president of Afreximbank and a key figure in the evolution of STF, this book delves into the philosophical foundations and risks associated with trade finance. It offers step-by-step guidance on structuring deals, explores the scope of coverage beyond commodities, and examines real-life case studies to draw valuable lessons. The new edition has been revised and updated, featuring brand new sections on reserve-based lending, supply chain finance, and new technologies for implementing structured trade finance. Publication information Author: Dr Benedict O. Oramah Publication date: May 2025 Format: Softback Pages: 421 Price: £195 ISBN: 9781837230822 For more information about this title, visit: Distributed by APO Group on behalf of Afreximbank. Notes to editors: To obtain a review copy of Foundations and Evolutions of Structured Trade Finance, Second Edition, please contact: Sian O'Neill (Managing Director) Globe Law and Business Ltd Phone number: 020 3745 4771 Email address: sian@ Website: About Globe Law and Business: Globe Law and Business was established in 2005. From the very beginning, we set out to create legal books that are sufficiently high level to be of real use to the experienced professional, yet still accessible and easy to navigate. Most of our authors are drawn from Magic Circle and other top commercial firms, both in the United Kingdom and internationally. Our titles are carefully produced, with the utmost attention paid to editorial, design, and production processes. In 2021, we were pleased to announce the start of a new chapter for Globe Law and Business following the acquisition of law books under the imprint Ark Publishing. We are also very pleased to announce the launch of our online content platform, Globe Law Online. This allows for easy search and networked access across firms, with key collections including the Law Firm Management Collection. Details of all titles included can be found at
Zawya
20-05-2025
- Business
- Zawya
Professor Benedict Oramah honoured with Chad's prestigious ‘Commander of the National Order of Chad' award
The President of the Republic of Chad, His Excellency Mahamat Idriss Déby Itno, has conferred on President and Chairman of the Board of Directors at African Export-Import Bank (Afreximbank) ( Professor Benedict Oramah, the prestigious national honours award of Commander by appointing him to the National Order of Chad, under the Ministry of Finance, Budget, Economy, Planning and International Cooperation, for his`1yyyyh outstanding contributions to the Chadian and African economies. The rank of Commander (Commandeur) is a high distinction within this order, reflecting significant and sustained achievements while the National Order of Chad is a prestigious state honour awarded by the Republic of Chad to recognize exceptional service or contributions to the nation. Reflecting on Chad's 2022 political transition, President Idriss Derby Itno, expressed profound gratitude to Prof. Oramah and Afreximbank for standing with the country. He noted, 'When other international lenders fled at the height of the unfortunate socio-political conflicts, Afreximbank stood firmly behind our country, continuing to push vital investments that now underpin the rapid socioeconomic recovery of our nation.' While acknowledging the award, Professor Oramah said: 'This honour is not just a recognition of my efforts, but a testament to the collective resolve of Afreximbank and its partners to transform Chad's economy and empower its people. While I am deeply humbled by this honour, it is a call to duty. It was a reminder to the Bank to do even more to accelerate the structural transformation of the Chadian and the wider African economies.' Chad became a member state of Afreximbank during the 36th African Union Summit where Afreximbank pledged to support strategic development projects in agriculture and livestock, two key pillars of Chad's economy, to drive sustainable growth and economic diversification. Afreximbank reaffirms its unwavering commitment to advancing Chad's economic development through targeted investments, trade facilitation, and institutional capacity-building, ensuring shared prosperity and resilience in the years ahead. Distributed by APO Group on behalf of Afreximbank. Follow us on: X: Facebook: LinkedIn: Instagram: About Afreximbank: African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank's total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa1), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, "the Group"). The Bank is headquartered in Cairo, Egypt.
Broadcast Pro
14-05-2025
- Business
- Broadcast Pro
Afreximbank and FEDA launch $1bn Africa Film Fund
The fund aims to boost production and global distribution of quality African films and TV, enhancing the continent's cultural impact worldwide. The African Export-Import Bank (Afreximbank), through its impact investment subsidiary, the Fund for Export-Development in Africa (FEDA), has announced the establishment of the Africa Film Fund, a landmark initiative set to reshape the future of filmmaking and the broader creative sector across the African continent. Launched under the Bank's Creative Africa Nexus (CANEX) programme, the fund represents a transformative commitment of up to $1bn to stimulate the growth of Africa's film and audiovisual industries. Professor Benedict Oramah, President of Afreximbank and Chairman of the Boards of both Afreximbank and FEDA, emphasised the strategic importance of this initiative, describing film as a foundational pillar of the CANEX programme. He noted that while Africa's creative sector has expanded rapidly in recent years, it continues to face persistent challenges, including limited funding, difficulty scaling productions, and restricted access to international markets. The Africa Film Fund, he explained, aims to close these gaps and enable African creators to achieve global reach. Oramah added that the Fund will work in tandem with complementary efforts such as the CANEX Shorts Awards to elevate diverse African narratives. These initiatives, he said, reflect Afreximbank's broader vision to harness the power of culture as an economic engine and a tool for global influence. The Africa Film Fund was first proposed during the CANEX Weekend 2024 in Algiers, where Afreximbank pledged to create a private equity vehicle via FEDA to support film production and distribution across the continent. The Fund will serve as a critical lever to boost both the quality and reach of African film and television projects, helping to export Global Africa's cultural identity while drawing essential investment into the sector. According to the UNESCO Institute for Statistics, the African film and audiovisual industry already contributes an estimated $bn in annual revenue and employs more than 5m people. Yet the sector faces notable structural obstacles, including limited access to production and post-production facilities, a dearth of exhibition venues—with fewer than 2,000 cinema screens continent-wide—and inadequate availability of digital distribution platforms. The Africa Film Fund is designed to address these issues comprehensively, not only by providing capital but also by nurturing an enabling ecosystem for creators. Marlene Ngoyi, CEO of FEDA, highlighted the Fund's broader mission, stating that the initiative is about more than just financing—it's about empowering African talent, fostering cultural exchange, and driving sustainable economic transformation. She emphasised FEDA's commitment to ensuring that the Fund yields long-term, inclusive benefits across the creative landscape. Kanayo Awani, Executive Vice-President of Intra-African Trade and Export Development at Afreximbank, reinforced this sentiment, noting that the Fund offers African storytellers access to the tools, platforms, and visibility necessary to share their narratives on the global stage. For Awani, the creative economy is a strategic asset—one that contributes not only to cultural expression but also to youth empowerment, economic resilience, and regional integration. The announcement has drawn enthusiastic support from influential figures in the global entertainment industry. Viola Davis, EGOT-winning actress and co-founder of JVL Media LLC, praised the initiative for giving voice to Africa's rich storytelling tradition. 'African stories are deeply human and universally powerful,' Davis said. 'This Fund is an invitation to the world to see Africa through the lens of its own creators—bold, unfiltered, and rich in truth.' Boris Kodjoe, acclaimed actor and Managing Partner of FC Media Group, also expressed his excitement about the Fund, calling it the realisation of a long-held dream to produce global stories rooted in African experiences. Kodjoe welcomed the partnership with Afreximbank and FEDA as a vital step toward developing high-quality, internationally resonant content. With this bold investment in the future of African cinema, Afreximbank and FEDA are positioning the continent's creative industries at the centre of a new cultural and economic renaissance—one driven by authentic African voices and stories with universal appeal.
