Benedict Oramah has been voted and re-appointed for a second 5-year term as President of the Afreximbank for a second 5-year term.
The decision was announced after the Afreximbank’s 27th Annual General Meeting of Shareholders in Cairo which was held by circulation of resolutions due to the COVID-19 pandemic situation.
President Oramah issued an acceptance statement shortly after assuring Shareholders that the Bank’s ultimate goal under his second term of office is the realisation of Africa’s strategic ambition to create an integrated market.
Oramah who emphasized the African Continental Free Trade Agreement (AfCFTA) said he hoped to utilise its potential to drive the industrialisation of Africa, support the emergence of regional value chains, turn Africa’s creative and cultural assets into engines of growth, grow jobs for the continent’s youth, convey respect to Africans wherever they may be and better prepare the continent to compete more effectively in the global markets.
Finally, the President committed to ensuring that the Bank remains well capitalised throughout his term of office and beyond. He stated that they will continue efforts to diversify sources of equity to include the markets while ensuring that the Bank’s development focus remains unchanged. He also declared his plans to double intra-African trade financing so that by the end of his term, it will constitute no less than 40% of the Bank’s total assets, with aggregate disbursements, on a revolving basis, over the 5 years exceeding US$30 billion.
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