Afrexim Bank to hold Annual General Meeting

The African Export-Import Bank is gearing up for its 24th Annual General Meeting of Shareholders scheduled to take place in Kigali from the 28th of June. The AGM comes on the heels of significant developments for the bank, including securing the largest ever Euro currency facility, approving a $200 million industrialization liquidity package for Egypt, and welcoming Madagascar as a participating state. The meeting is expected to host in-depth discussions on intra-regional trade and industrialization, featuring inputs from both political leaders and business experts. Hippolyte Fofack, Chief Economist & Director at Afrexim Bank, shared insights on the upcoming event in a recent interview with CNBC Africa. One of the key themes that emerged from the discussion was the focus on diversifying African exports and enhancing trade relations with the United States through the African Growth Opportunity Act (AGO). Fofack highlighted the need for African countries to leverage AGO effectively to move beyond traditional exports like natural resources towards manufactured goods. He emphasized the importance of a strategic framework study to assess the impact and benefits of AGO, with plans to convene African trade ministers for further deliberations. The AGM is expected to provide a platform to explore new opportunities for trade diversification and foster deeper economic integration within the continent. In addition, the meeting will address the challenges and opportunities associated with inter-regional trade, particularly in sectors such as commodities, oil and gas, and agriculture. Fofack underscored the significance of structural transformation in driving industrialization and economic growth across Africa, citing South Africa and Egypt as leading examples of diversification and industrialization. The bank's strategic focus on industrialization is evident in its support for the development of industrial parks, such as the Kigali Special Economic Zone in Rwanda. By providing essential infrastructure and facilities, these industrial parks serve as catalysts for promoting trade and boosting economic development. Looking ahead, Afrexim Bank remains committed to advancing industrialization efforts not only in Rwanda but also in other countries across the region. The AGM presents a timely opportunity to explore innovative solutions for enhancing intra-regional trade, fostering economic growth, and promoting industrialization across Africa.