Burundi to become new member of pan African trade financier

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The African Export Import Bank is headquartered in Cairo, Egypt. PHOTO | COURTESY

The African Export Import Bank is headquartered in Cairo, Egypt. PHOTO | COURTESY 

The African Export-Import Bank (Afreximbank) says Burundi is set to become the newest member of the Cairo-based pan-African trade financier.

Afreximbank president Benedict Oramah said the accession was signed by Domitien Ndihokubwayo, the Burundi Minister of Finance.

Mr Oramah said Burundi agreed to implement all the necessary legal, regulatory and administrative procedures to ensure the immediate ratification of the agreement.

He said the accession would make it easier for the bank to implement its intra-African trade strategy by expanding its geographic focus.

Countries that could not sign the 1993 Abidjan Agreement before it entered into force are required to issue an instrument of acceptance and accession.

This will be followed by a formal ratification of the agreement to fully activate their membership of the bank. Current Afreximbank participating states include Angola, Benin, Botswana, Burkina Faso, Cameroon, Cape Verde, Chad, Côte d’Ivoire, Democratic Republic of Congo, Djibouti, Egypt, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea-Bissau, Kenya, and Lesotho.

Others are Liberia, Malawi, Mali, Mauritania, Mauritius, Morocco, Mozambique, Namibia, Niger, Nigeria, Republic of Congo, Rwanda, Senegal, Seychelles, Sierra Leone, Sao Tome and Principe, Sudan, Tanzania, Togo, Tunisia, Uganda, Zambia and Zimbabwe.

Participating states become shareholders when they acquire shares. Afreximbank shareholders are a mix of public and private entities divided into four classes and consisting of African governments, central banks, regional institutions and financial institutions.

Others are non-African financial institutions, export credit agencies and private investors.