The African Export-Import Bank shareholders have authorized an increase in the permissible share capital from $5 billion to $25 billion.
This was disclosed in a statement by Afreximbank on Wednesday, according to Businessday.
In the statement, the bank stated that the rise recognizes the bank’s rapid growth in response to the problems faced by the African continent.
The bank noted that it generates capacity to assist the African continent’s growth and development by its mandate to promote commerce and confirm the continent’s relevance on the world scene.
The bank also announced certain board changes at its 31st annual general meeting, which took place recently in Nassau, Bahamas.
Lydia Shehu Jafiya was elected to succeed Aliyu Ahmed. Jafiya is the Permanent Secretary of the Federal Ministry of Finance in the Federal Republic of Nigeria.
Amadou Hott was elected to fill the African Development Bank-nominated board seat. Hott is now serving as the President of the African Development Bank (AfDB) Group’s special envoy to the African Alliance for Green Infrastructure. Prior to this assignment, Hott was Senegal’s minister of economy, planning, and cooperation.
Noël Mekulu Mvondo Akame was elected to succeed Jean-Marie Mani. Mekulu Mvondo Akame is the current Director General of Cameroon’s National Social Insurance Fund (CNPS).
Yu Wen was elected to replace Lili Yang. Yu Wen is currently the General Manager of the International Department at the Export-Import Bank of China (CEXIM).
Speaking on these developments, the president and chairman of the board of directors of Afreximbank, Benedict Oramah, said, “Afreximbank is most grateful to departing Board Members for their services to the Bank and Africa. They were for many years, part of a formidable team, that made significant contributions to the Bank’s vision for Africa, created alliances, and assisted Africa in navigating major headwinds. We welcome our new board members. We look forward to their support and insight as we strive to build a prosperous Global Africa. Together, we will restore dignity and pride to Africans around the world.”
