{"id":460458,"date":"2018-06-10T16:55:50","date_gmt":"2018-06-10T16:55:50","guid":{"rendered":"https:\/\/en.financialafrik.com\/?p=460458"},"modified":"2018-06-10T16:55:50","modified_gmt":"2018-06-10T16:55:50","slug":"afreximbank-pr-equatorial-guinea-joins-afreximbank-as-50th-participating-state-during-countrys-50th-anniversary-year","status":"publish","type":"post","link":"https:\/\/www.financialafrik.com\/en\/2018\/06\/10\/afreximbank-pr-equatorial-guinea-joins-afreximbank-as-50th-participating-state-during-countrys-50th-anniversary-year\/","title":{"rendered":"Afreximbank PR: Equatorial Guinea Joins Afreximbank as 50th Participating State During Country\u2019s 50th Anniversary Year"},"content":{"rendered":"
<\/div>

President Teodoro Obiang Nguema Mbasogo of Equatorial Guinea (left) in handshake with Afreximbank President Dr. Benedict Oramah during the signing ceremony in Malabo<\/em><\/strong><\/p>\n

\u00a0<\/strong><\/p>\n

The African Export-Import Bank (Afreximbank) has welcomed Equatorial Guinea as its 50th member state with the country\u2019s signing of the Instrument of Accession to the Bank\u2019s Establishment Agreement in Malabo on Wednesday.<\/p>\n

Lucas Abaga Nchama, Minister of Finance, Economy and Planning of Equatorial Guinea, signed the Instrument on behalf of the Government during a ceremony witnessed\u00a0by President\u00a0Teodoro Obiang\u00a0Nguema Mbasogo\u00a0of Equatorial Guinea and an Afreximbank delegation led by Bank President Dr. Benedict Oramah.<\/p>\n

Addressing the ceremony, Dr. Oramah expressed delight at welcoming Equatorial Guinea \u201cas our newest and 50th participating member state\u201d, remarking at its significance as it \u201calso closely coincides with Equatorial Guinea\u2019s celebration of 50 years\u2019 of its independence in October\u201d. He praised the pan-Africanist disposition of the President Nguema Mbasogo, citing many interventions he spearheaded in that regard.<\/p>\n

Dr. Oramah noted that, with its many natural resources, Equatorial Guinea offered great prospects for regional trade, the development of industrial capacity and value-added exports, and said that Afreximbank would support the country\u2019s drive for sustainable economic growth by providing it with financing facilities with a country limit of $750 million.<\/p>\n

According to the President, the Bank\u2019s intervention will assist Equatorial Guinea to address the challenging conditions confronting its economy in recent years as a result of weak commodity prices. He noted that the country had been widely renowned as a leading exporter of oil, natural gas, timber, cocoa and fish.<\/p>\n

Responding,\u00a0President Nguema Mbasogo\u00a0commended Afreximbank\u2019s commitment to driving the transformation of trade in Africa and expressed confidence that Equatorial Guinea\u2019s membership would contribute to the Bank\u2019s development efforts in Africa.<\/p>\n

“Historically, Equatorial Guinea had supported many African economies on a bilateral basis,\u201d he said. \u201cNow, Afreximbank offers the opportunity for Equatorial Guinea to continue providing support under a multilateral framework.”<\/p>\n

The Afreximbank delegation also held meetings with Mr. Nchama, the Minister of Finance, Economy and Planning; Fortunato Ofa Mbo Nchama, President of the Development Bank of the Central African States; and Marcelino Owono Edu, Special Adviser to the President of Equatorial Guinea on Economic Affairs.<\/p>\n

Membership of the Bank gives the Equatorial Guinea access to the full range of products and facilities offered by Afreximbank, including trade and project finance facilities, guarantees, trade information and advisory services, support in the development of a local content policy and assistance in developing and implementing industrial parks and special economic zones.<\/p>\n

Countries currently on the list of Afreximbank participating and shareholding states include Angola, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cape Verde, Chad, Central Africa Republic, Comoros, C\u00f4te d\u2019Ivoire, Democratic Republic of Congo, Djibouti, Egypt, Eritrea, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, and Lesotho. Others are Liberia, Madagascar, Malawi, Mali, Mauritania, Mauritius, Morocco, Mozambique, Namibia, Niger, Nigeria, Republic of Congo, Rwanda, Senegal, Seychelles, Sierra Leone, Sao Tome and Principe, South Africa, South Sudan, Sudan, Tanzania, Togo, Tunisia, Uganda, Zambia and Zimbabwe.<\/p>\n

.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afreximbank shareholders are a mix of public and private entities divided into four classes and consist of African governments, central banks, regional and sub-regional institutions, private investors and financial institutions, as well as non-African financial institutions, export credit agencies and private investors.<\/p>\n

Accompanying President Oramah on the Afreximbank delegation were Dr. George Elombi, Executive Vice President; Rene Awambeng, Global Head Client Relations; and Vitalis Uzor Ekene, Special Assistant to the President on Banking and Strategy.<\/p>\n

—–<\/p>\n

<image007.png><image009.png>Follow us on Twitter:\u00a0@Afreximbank<\/a>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Like us on Facebook:\u00a0Afreximbank<\/a><\/p>\n

 <\/p>\n

About Afreximbank:\u00a0<\/strong>The African Export-Import Bank (Afreximbank) is the foremost pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade. The Bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors. Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations. Since 1994, it has approved about $60 billion in credit facilities for African businesses, including about $8.5 billion in 2017. Afreximbank had total assets of $11.9 billion as at 31 December 2017 and is rated BBB+ (GCR), Baa1 (Moody\u2019s), and BBB- (Fitch). The Bank is headquartered in Cairo. For more information, visit:<\/em>www.afreximbank.com<\/em><\/a><\/p>\n

 <\/p>\n

The contents of this e-mail and of any attachments are confidential and privileged and are intended for the attention and use solely of the addressee(s). The contents do not necessarily represent the official view(s) of the African Export-Import Bank (Afreximbank). In the event that you are not named as an addressee, please notify the sender immediately, permanently delete the e-mail and any attachments, and do not disclose, disseminate, store or circulate either in whole or partial the contents of this e-mail or any attachments. Afreximbank will not accept any liability whatsoever for any loss or damage by reason of viruses affecting this e-mail.<\/p>\n

<\/div>","protected":false},"excerpt":{"rendered":"

President Teodoro Obiang Nguema Mbasogo of Equatorial Guinea (left) in handshake with Afreximbank President Dr. Benedict Oramah during the signing ceremony in Malabo \u00a0 The African Export-Import Bank (Afreximbank) has welcomed Equatorial Guinea as its 50th member state with the country\u2019s signing of the Instrument of Accession to the Bank\u2019s Establishment Agreement in Malabo on<\/p>\n","protected":false},"author":527180,"featured_media":460459,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"aside","meta":{"pmpro_default_level":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"translated_post_url_fr":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[12065],"tags":[2360,14653],"class_list":{"0":"post-460458","1":"post","2":"type-post","3":"status-publish","4":"format-aside","5":"has-post-thumbnail","7":"category-press-releases","8":"tag-afreximbank","9":"tag-equatorial-guinea","10":"post_format-post-format-aside","11":"pmpro-has-access"},"yoast_head":"\nAfreximbank PR: Equatorial Guinea Joins Afreximbank as 50th Participating State During Country\u2019s 50th Anniversary Year - Financial Afrik<\/title>\n<meta name=\"description\" content=\"Headed by Adama Wade and his team of 20 journalists, Kapital Afrik offers strategic and financial information to executives and managers. 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