The African Export-Import Bank (Afreximbank) has achieved exceptional financial results in a challenging operating environment, with results well above expectations. Net interest income reached US$1.4 billion at the end of the 2023 financial year, compared to US$910.3 million in 2022, and in 32 years, the financial institution has managed to mobilise US$250 billion in Africa.
At a time when Africa is seeking to rewrite its economic destiny, the story of Afreximbank stands out as a unique experience. Created 32 years ago to address the shortcomings in African trade financing, the bank today embodies much more than just a financial tool. Afreximbank President Benedict Oramah said that in three decades, the institution has mobilised more than $250 billion in Africa and revitalised sectors long neglected by traditional financing. Since then, it has become a living symbol of sovereignty, innovation and transformation.
Over the past three decades, the Bank has grown to become an important institution for the continent. Over the past decade, it has disbursed no less than US$140 billion on the continent and mobilised more than US$200 billion in Africa over the same period, representing one of the largest financial supports from a multilateral financial institution to the continent.
Benedict Oramah, Former President of Afreximbank
Thirty-two years after its creation, Afreximbank has made significant progress, growing from an initial capital of $750 million in 1993 to $40 billion by the end of 2024, with structural investments in several sectors, including trade and infrastructure. This significant progress, which demonstrates the institution’s importance in Africa’s financial architecture, was unanimously acknowledged by participants at the 32nd annual meeting in Abuja.
Afreximbank has approved tens of billions in facilities for Nigeria over the years, and we are of course grateful for that. The Bank serves the interests of the African continent and has recently pursued the growth and integration of Caribbean countries.
Adebayo Olawale Edun, Minister of Finance
To break the mold of financial institutions, Afreximbank has emphasised creativity as a lever for transformation. Far from limiting itself to traditional finance or infrastructure, Afreximbank has chosen to provide massive support to the continent’s cultural and creative industries. With a budget of USD 2 billion dedicated to this sector, this cultural gamble reflects a deep faith in Africa’s human and expressive potential, in its ability to shine beyond economic indicators.
