Afreximbank South Sudan becomes latest participating state

The signing of the instrument commits South Sudan to take all necessary steps for the ratification of the agreement establishing the bank.

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Afreximbank headquarters building play

Afreximbank headquarters building

(Afreximbank )
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The African Export-Import Bank (Afreximbank) says Africa’s youngest country, South Sudan, has become the latest country to join it as a participating state.

The bank said on Wednesday in Lagos that instrument of accession to the agreement establishing the bank was signed by Stephen Dhieu Dau, the Minister of Finance and Planning of South Sudan on Tuesday in Juba.

Dr Benedict Oramah, President of Afreximbank, was quoted in a statement as saying that South Sudan was now qualified to have access to the range of products and facilities offered by Afreximbank.

Oramah said the products included trade, project, trade information and advisory services, support in the development of a local content policy and assistance in developing industrial parks and special economic zones.

The signing of the instrument commits South Sudan to take all necessary steps for the ratification of the agreement establishing the bank.

Under its terms of the Agreement signed in Abidjan on May 8, 1993, a country that did not sign before it entered into force are required to first issue an instrument of acceptance and accession to the bank.

Thereafter, such a country will formally ratify the Agreement in order to fully activate its membership of the bank.
Participating states become shareholders when they acquired shares in the bank.

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.

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

Afreximbank is the foremost pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade.

Since 1994, it has approved more than 51 billion dollars in credit facilities for African businesses, including about 10.3 billion dollars in 2016.

Afreximbank had total assets of 9.4 billion dollars as at April 30, 2016 and is rated BBB+ (GCR), Baa1 (Moody’s), and BBB- (Fitch).

The bank is headquartered in Cairo.

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