African Export Import Bank (AFREXIM) the continental trade finance institution for Africa's businesses has sworn in Dr Benedict Oramah as it's new President. The Nigerian banker takes over a portfolio of $6 billion comprising mostly of loans.He said he would position the bank to focus on export manufacturing, especially light manufactures by shifting resources more to the financing of the import of investment or capital goods.
In a speech setting out his vision for
the bank, Oramah pledged to make the promotion and facilitation of
intra-African trade the cornerstone of Afreximbank’s work in the years
ahead.
“I believe that intra-African trade
holds the key to a technology-driven growth on our continent. The trade
will facilitate the attainment of dynamic comparative advantage in the
production and export of certain kind of manufactured goods and services,
and will prepare African firms for better global competition,” Oramah
said.
Afrexim is a Pan-African multilateral financial institution specializing in financing and promoting intra- and extra-African trade.The Bank was established in October 1993 by African governments, African
private and institutional investors, and non-African investors. It has approved over $35 billion worth of facilities for African businesses since inception.
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