President Cyril Ramaphosa will deliver keynote address at the signing of the Instrument of Accession by South Africa to the Establishment Agreement of the African Export–Import Bank (Afreximbank).
Wednesday’s signing ceremony marks South Africa’s formal transition to Class A Shareholder status in Afreximbank and signals the activation of a strategic partnership aimed at advancing industrial development, export-led growth and deeper intra-African trade integration.
Afreximbank is a pan-African multilateral financial institution that facilitates, promotes and expands intra- and extra-African trade.The bank is a key player in financing the continent's economic development and industrialisation.
The Bank has four categories of shareholders from Class A to Class D. According to the bank, Class A comprises African governments, central banks, African regional and sub-regional institutions. Class B is made up of African private investors and financial institutions, while Class C is made up of non-African financial institutions, export credit agencies and private investors. The Class D category which came about in December 2012 is one “where under which any person or entity can be allotted shares”.
The ceremony will be attended by the President and Chairman of the Board of Directors of Afreximbank, Dr George Elombi, members of the Bank’s Board and management, Ministers, senior government officials, captains of industry and representatives of the diplomatic corps.
“The partnership with Afreximbank is expected to support priority areas, including industrial competitiveness, transformation and inclusive growth, as well as the expansion of intra-African trade and investment,” the Presidency said in a statement.
“Sovereign membership offers South African companies, commercial banks as well as State Owned Enterprises (SOEs), more competitive trade finance, expanded funding for trade activities under the AfCFTA, greater participation in cross-border projects and investments, increased partnerships and cooperation with other African financial institutions and access to various risk mitigation tools,” the Presidency said.
President Ramaphosa will deliver the keynote address, outlining South Africa’s vision for industrialisation, export diversification, decarbonisation, and digitisation, as well as the country’s role in advancing Africa’s economic integration in line with the bank’s strategic mandate. – SAnews.gov.za
