The African Export-Import Bank (Afreximbank) has closed a Korea-focused US$150 million club facility which has Shinhan Bank as coordinator and lender.
Other banks participating as lenders in the facility, which has a three-year tenor, are KEB Hana Bank, Woori Bank and Nong Hyup Bank.
Speaking at the signing ceremony held in London on 14 September, Denys Denya, Afreximbank’s Executive Vice President in charge of Finance, Administration and Banking Services, said that the facility will greatly enhance Afreximbank’s capacity to achieve its core mandate; in particular expanding intra-African trade, supporting export manufacturing, and significantly filling the trade finance gap the continent is currently experiencing by providing it with the requisite funding capabilities at competitive pricing.
“The Facility also helps Afreximbank to diversify its sources of funding by geography, instrument and investor base,” continued Mr. Denya.
He noted that despite being a debut facility in the particular market, the facility – which targeted raising US$150million, was oversubscribed to the tune of US$160million with four banks joining in, saying that the development is clear testimony of strong confidence in Afreximbank.
Mr. Denya commended all the institutions which participated in the facility and noted that while banks in Korea had participated in previous fundraising activities, this is the first time a facility specifically focused on Korea has been arranged for the Bank.
He said that Afreximbank saw a lot of opportunities for collaboration in Africa and invited the participating banks to work with it as it invested in the continent, adding: “It is my fervent hope that this targetted facility is the first of many more similar to come”.
Accompanying Mr. Denya to the signing ceremony were Afreximbank Treasurer Chandi Mwenebungu and Douglas Tsetsetse of the Treasury Department.
Agreement to boost Africa-Uzbek trade signed
The African Export-Import Bank (Afreximbank) and National Bank for Foreign Economic Activity (NBU) of Uzbekistan have entered into a cooperation agreement aimed at strengthening economic relations between African countries and Uzbekistan.
The agreement, which was signed recently on the sidelines of the Egyptian-Uzbek Business Confrence in Tashkent, will see the two banks financing Africa-Uzbek trade valued at up to US$50million, on a non-committal basis, under the economic development initiatives of the government of Uzbekistan.
The agreement will also have Afreximbank and NBU cooperating in the promotion of business opportunities for Uzbek and African entities in Uzbekistan; supporting exporters and importers in Africa and Uzbekistan; and supporting investments by African entities in Uzbekistan.
Denys Denya, Executive Vice President, Finance, Administration and Banking Services, signed the agreement on behalf of Afreximbank, while Alisher Mirsoatov, Chairman of NBU, signed for his institution.
Speaking at the signing ceremony, Mr. Denya said that the agreement will make it possible for the institutions to consult, cooperate, exchange information and share views on areas of common interest in order to foster business opportunities and mutual cooperation.
NBU had invited Afreximbank to join the Egyptian delegation, led by President Abdel Fattah El Sisi, to the Egyptian-Uzbek Business forum. Also joining the delegation were Dr. Sahar Nasr, Minister of Investment and International Cooperation, and Amr Nassar, Minister of Trade and Industry, as well as a number of prominent Egyptian businessmen.
Obasanjo, Jeffrey Sachs to headline 2nd Babacar Ndiaye Lecture in Bali
Former Nigerian President Olusegun Obasanjo and leading development economist Prof. Jeffrey Sachs will headline the second Babacar Ndiaye Lecture, to be held in Bali, Indonesia, next week, the African Export-Import Bank (Afreximbank) has announced.
They will speak on the theme ‘Global Power Disequilibrium, Trade Wars and Implications for Africa’ during the international lecture series instituted by Afreximbank to honour Dr. Babacar Ndiaye, the former President of the African Development Bank who died in July 2017.
Former CNN Anchor Isha Sesay will serve as moderator and master of ceremony for the lecture, scheduled to take place on the sidelines of the World Bank-IMF Annual Meetings.
The Babacar Ndiaye Lecture series seeks to honour Dr. Ndiaye, who was President of the African development Bank from 1985 to 1995, for his many contributions to Africa’s economic development – in particular, his critical role in the creation of Afreximbank.
He was also instrumental to the creation of several other continental institutions, such as Shelter Afrique and the African Business Roundtable, and is credited with fostering the emergence of many young entrepreneurs who have become builders of Africa.
Chief Obasanjo served two terms as President of Nigeria from 1999 to 2007, after an earlier stint as the country’s military ruler from February 1976 to October 1979. He was the first military ruler in Africa to voluntarily return power to a democratically-elected government. Since leaving office, Chief Obasanjo has used his influence to advocate for Africa’s development – making appearances at various international fora where he has made the case for a stronger African voice in global economic decision-making.
Prof. Sachs, an American economist and public policy analyst, is Director of the Earth Institute at Columbia University, where he holds the title of University Professor – the highest rank Columbia bestows on its faculty.
He is also, among other things, Special Advisor to the United Nations Secretary-General; Co-Founder and Director of the Millennium Promise; Director of the UN Sustainable Development Solutions Network; Economic Advisor to governments in Latin America, Eastern Europe, Africa and Asia; Research Associate at the National Bureau of Economic Research, Cambridge, United States; Member, Brookings Panel of Economists, Brookings Institution, Washington, DC; and Co-Chair, Asian Economic Panel of Economists.
Guests at the 2018 lecture will include leaders of African and global banks, development finance institutions, the business community and political leaders attending the World Bank–IMF Annual Meetings. Others are members of the diplomatic community, policymakers, academicians, African and non-African ministers of finance, economy and development, central bank governors, and CEOs of global and African corporates.
Nobel Laureate Joseph Stiglitz delivered the inaugural Babacar Ndiaye Lecture in Washington D.C. on 15 October 2017.