Global Courant 2023-05-02 22:03:22
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The Fund for Export Development in Africa (FEDA), the development-oriented subsidiary of African Export-Import Bank (Afreximbank) (www.afreximbank.com), announced the accession of the Gabonese Republic and the Republic of Sierra Leone to the Fund through their recent respective signing of the FEDA’s Constitutive Agreement.
FEDA described the two countries’ accession as an important milestone, which will strengthen its ability to provide crucial support to African economies and effectively achieve its objectives. The new memberships expand the reach of the FEDA’s interventions and reflect the Fund’s unwavering commitment to its mandate to provide long-term capital to African economies with a focus on industrialization, intra-African trade and value-added exports.
In November 2022, FEDA invested in Arise Integrated Industrial Platforms (Arise IIP), an important step in deepening the implementation of its mandate to promote industrialization and value-added exports. Developed by Arise IIP and focused on the timber industry, Gabon’s Special Economic Zone (GSEZ) has enabled Gabon to transition from a humble exporter of timber to a leading global producer and exporter of veneers.
Similarly, the government of Sierra Leone has partnered with Arise IIP to establish a Special Economic Zone in the country, further strengthening the FEDA’s goal of promoting industrialization on the continent.
Professor Benedict Oramah, President of Afreximbank and Chairman of the Board of both Afreximbank and FEDA, said: “The signing of the FEDA Establishment Agreement by the Gabonese Republic and the Republic of Sierra Leone is a testament to the long-standing cooperation between Afreximbank and the respective countries . These developments lay the foundations for more coordinated intervention in the future. The FEDA’s mandate to provide long-term capital, with a focus on industrialization, intra-African trade and value-added exports, makes the fund a critical force in bringing prosperity to African economies.”
Marlène Ngoyi, CEO of FEDA, commented: “FEDA looks forward to a successful partnership with the Gabonese Republic and the Republic of Sierra Leone. We welcome the continued support of Afreximbank member states and we aim to mobilize more countries in due course to support FEDA’s pan-African outreach and intervention. The recent developments in the Gabon Special Economic Zone and the Sierra Leone Special Economic Zone, under the Arise IIP investment, are a strong demonstration of transformational investment that aligns well with FEDA’s investment strategy.”
Distributed by APO Group on behalf of Afreximbank.
Media contact:
Amadou Labba Sal
Manager, Media Relations
Afrexim bank
(email protected)
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About FEDA:
The Fund for Export Development in Africa (“FEDA”) is Afreximbank’s impact investment subsidiary established to provide equity, quasi-equity and debt capital to fund the multibillion-dollar funding gap (particularly in equity) that is needed is to transform the trade sector in Africa.
FEDA pursues a multi-sector investment strategy along the intra-African trade, value-adding export development and manufacturing value chain that includes financial services, technology, consumer and retail goods, manufacturing, transportation and logistics, agribusiness and related trade enabling infrastructure such as industrial estates.
About Afrexim Bank:
African Export-Import Bank (Afreximbank) is a pan-African multilateral financial institution mandated to finance and promote trade within and outside Africa. Over the past three decades, Afreximbank has deployed innovative structures to provide financing solutions that support the transformation of the fabric of Africa’s trade, accelerate industrialization and intra-regional trade, driving economic expansion in Africa. Afreximbank, a staunch supporter of the African Continental Free Trade Agreement (AfCFTA), has launched a Pan-African Payment and Settlement System (PAPSS) adopted by the African Union (AU) as the payment and settlement platform to support the implementation of the AfCFTA. Afreximbank is working with the AU and the AfCFTA Secretariat to develop an adjustment facility to support countries in effective participation in the AfCFTA. As of 2022, Afreximbank’s total assets and guarantees exceeded $31 billion, and its shareholder funds amounted to $5.2 billion. The bank has paid out more than $86 billion between 2016 and 2022. Afreximbank has been awarded investment grade ratings by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity consisting of the Bank, its impact fund subsidiary named Fund for Export Development Africa (FEDA) and its insurance management subsidiary, AfrexInsure, (together “the Group”).
For more information visit: www.afreximbank.com
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