By Chinwendu Obienyi
Shareholders of the African Export-Import Bank (Afreximbank) have approved a major expansion of the Bank’s Concessional Finance Window, increasing its capital allocation fivefold from $1 billion to $5 billion, with direct shareholder contributions rising from $200 million to $700 million.
The move is set to significantly enhance the Bank’s capacity to provide accessible development finance across Africa and the Caribbean.
The decision was one of several key outcomes of the Bank’s 32nd Annual General Meeting, held as part of the 2025 Afreximbank Annual Meetings in Abuja recently. The meeting also marked a leadership transition, with shareholders appointing Dr. George Elombi as the new President and Chairman of the Board of Directors, succeeding Professor Benedict Oramah after nearly a decade of transformative leadership.
In his final address, Prof. Oramah lauded the shareholders’ bold decisions, noting the impact of increasing the Africa Trade Transformation Fund (ATTF) and reaffirming the Bank’s Preferred Creditor Status (PCS) across member states. “These decisions will shape the future of this great institution and advance Africa’s prosperity,” he said.
The meeting also reaffirmed shareholders’ commitment to the 1993 treaty establishing Afreximbank and its enshrined PCS, a legal provision shielding the Bank’s loans from sovereign debt restructurings.
Nigeria’s Finance Minister and new Chairman of the General Meeting, Wale Edun, emphasized the shareholders’ collective confidence in the Bank’s financial resilience and mandate, urging constructive engagement with stakeholders and protecting the integrity of African Multilateral Financial Institutions (AMFIs).
Additional resolutions included the adoption of the Bank’s audited 2024 financial statements, the appointment of auditors, and the re-election and election of several Board members. These included re-elections of Directors from Zambia, Zimbabwe, and Côte d’Ivoire, along with independent Directors from the UK and South Africa, and the election of Mrs. Leila Mokaddem (Tunisia), nominated by the African Development Bank.
The strong endorsement of Afreximbank’s mission and governance sends a clear message to international partners, rating agencies, and the broader financial community: Afreximbank remains a trusted and well-protected institution, anchored by solid legal foundations and an unwavering mandate to drive Africa’s trade-led growth.
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