Central African Republic Formalises Membership of Afreximbank
The Central African Republic has formalised its membership of the African Export-Import Bank (Afreximbank) with the recent deposit of the instrument of the country’s ratification of the Bank’s Establishment Agreement with the continental trade finance institution.
Speaking during a ceremony at the Bank’s headquarters, the Minister of State and Economic Adviser to the President, Claude Rameaux Bireau, who led a five-member delegation, said the Central African Republic had very high expectations from Afreximbank and looked forward to strengthened cooperation with the institution.
Bireau said the Central African Republic would move quickly to take up shareholding in the Bank and announced that the government was already working with the African Development Bank to support it in that regard.
He added that the country would participate in the Intra-African Trade Fair, which was being organised by Afreximbank in collaboration with the African Union. The trade fair will take place in Cairo from 11 to 17 December.
Earlier, the President of Afreximbank, Prof. Benedict Oramah, stated that the Bank was created to support African countries in both good times and bad times and that the ratification of the Agreement by Central African Republic would make it possible for it to effectively do business in the country.
“The ratification grants us the special privileges and immunities that make it possible for us to take the risks that other commercial banks cannot,” Oramah explained.
He announced that the Afreximbank had been reviewing six projects, which the country had identified as priorities in order to see how to support them, saying that Central African Republic, with its rich resources, could be an investors paradise if well-marketed.
The Central African Republic had initiated the process of joining the Bank on 28 November 2017 when it presented an instrument of accession to the Bank agreement to Oramah when he met with President Faustin-Archange Touadéra in Bangui.
Under the terms of the agreement for the Establishment of the Bank, which was signed by Participating States in Abidjan on 8 May 1993, countries that did not sign on before it entered into force are required to first issue an instrument of acceptance and accession and then proceed to formally ratify the agreement in order to fully activate their membership of the Bank.
Membership of the Bank gives the Central African Republic automatic access to the full range of products and facilities offered by Afreximbank, including trade finance facilities, project finance services, trade information and advisory services, support in the development of a local content policy and assistance in developing and implementing industrial parks and special economic zones.
There are 50 countries currently on the list of Afreximbank participating and shareholding states, including Angola, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cape Verde, Chad, Central African Republic, Comoros, Côte d’Ivoire, Democratic Republic of Congo, Djibouti, Egypt, Equatorial Guinea, Eritrea, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, and Lesotho.
Others are Liberia, Madagascar, Malawi, Mali, Mauritania, Mauritius, Morocco, Mozambique, Namibia, Niger, Nigeria, Republic of Congo, Rwanda, Senegal, Seychelles, Sierra Leone, Sao Tome and Principe, South Africa, South Sudan, Sudan, Tanzania, Togo, Tunisia, Uganda, Zambia and Zimbabwe.
Afreximbank shareholders are a mix of public and private entities divided into four classes and consist of African governments, central banks, regional and sub-regional institutions, private investors and financial institutions, as well as non-African financial institutions, export credit agencies and private investors.
Also on the delegation were Clement Bilege, Ambassador of Central African Republic to Egypt; Jean Jules Jos, Former Minister of State in charge of Programme at the Presidency; and Batolo Mathiu and Amadou Issa of the Embassy of Central African Republic in Cairo.