Afreximbank to host Obasanjo, Dangote, others at AGM in Seychelles

The African Export-Import Bank (Afreximbank) says former Nigerian President, Olusegun Obasanjo and President James, Michel of Seychelles will join other leaders as its Annual General Meeting (AGM) in Seychelles.

Africa-Export-Import-Bank

A statement by the bank on Thursday noted that the bank’s 23rd AGM would hold from July 18 to July 24. The statement indicated that others being expected at the AGM were Nobel Prize Winner in Economics, Joseph Stiglitz, Chairman of Dangote Group, Aliko Dangote, and Chairman of Heirs Holdings Ltd, Nigeria’s Tony Elumelu.

Others are Ibrahim Gambari, former UN Under-Secretary-General; Justin Lin, former World Bank Chief Economist and Director, New Structural Economics

and Honorary Dean of the National School of Development, Peking University, China.

The statement added that former President Obasanjo and others would speak at the AGM on the theme “Africa’s New Economy: Intra-African Trade and

the Blue Economy as Catalyst for Economic Transformation.”

Afreximbank, a foremost Pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade, has an authorised capital of five billion dollars in four classes of shareholders.

Class “A” is comprised of African governments, African central banks and African regional and sub-regional institutions while Class “B” consists of African private investors and African financial institutions.

Class “C” is made up of non-African financial institutions, export credit agencies and private investors, while Class “D”, created in December 2012, is a category under which any person or entity can be allotted shares.

The bank currently has 41 African countries as participating states.

The AGM is held each year to take stock of the bank’s activities during the reporting year.

Established in October 1993 by African governments, African private and institutional investors, and non-African investors, Afreximbank had since 1994,

approved more than 41 billion dollars in credit facilities for African businesses, including about 6.2 billion dollars in 2015.

Headquartered in Cairo, the bank had total assets of 9.4 billion dollars as at April 30, 2016 and rated BBB- (Fitch) and Baa2 (Moody’s).

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