Afrexim Bank AGM in Namibia

THE African Export-Import Bank (Afrexim), which is based in Cairo, Egypt, will hold its 13th annual general shareholders’ meeting in Windhoek today.

Its president, Jean-Louis Ekra, told a group of local businesspeople at a networking session yesterday that his bank was looking forward to doing business in Namibia. “Trade among African countries must grow a lot more and we want to stimulate that,” Ekra said, without going into details.”We tried to do business in Namibia before, but Namibians seemed to use local banks until recently,” Ekra added.He explained that the bank held its AGM in a different African country each year in order to attract new business.”Here in Namibia we want to focus on the mining sector.”Deputy Finance Minister Tjekero Tweya said he hoped that Namibia could increase its intra-African trade volumes.The role of governments was to create a conducive economic environment and to pass relevant laws to allow the business sector to develop.”The challenge for politicians is to understand economic rules and the dynamics of trade,” Tweya added.The Afrexim Bank provides mainly short-term loans to finance trade transactions to applicants for maximum of one year.It recently approved a loan to Nigerian companies in the oil service industry.The Afrexim Bank availed loans valued at US$1,4 billion in 2004 and made a net profit of US$18,5 million.The Afrexim Bank was established in Abuja, Nigeria in October, 1993 by African governments, African private and institutional investors as well as non-African financial institutions and private investors to finance and promote intra- and extra-African trade.The authorized share capital of the bank is US$750 million.Nineteen African governments are shareholders, including the governments of Namibia and Botswana.The bank has its headquarters in Cairo and branch offices in Harare, Abuja, and Tunis.President Hifikepunye Pohamba is expected to open the AGM this morning.”Trade among African countries must grow a lot more and we want to stimulate that,” Ekra said, without going into details.”We tried to do business in Namibia before, but Namibians seemed to use local banks until recently,” Ekra added.He explained that the bank held its AGM in a different African country each year in order to attract new business.”Here in Namibia we want to focus on the mining sector.”Deputy Finance Minister Tjekero Tweya said he hoped that Namibia could increase its intra-African trade volumes.The role of governments was to create a conducive economic environment and to pass relevant laws to allow the business sector to develop.”The challenge for politicians is to understand economic rules and the dynamics of trade,” Tweya added. The Afrexim Bank provides mainly short-term loans to finance trade transactions to applicants for maximum of one year.It recently approved a loan to Nigerian companies in the oil service industry.The Afrexim Bank availed loans valued at US$1,4 billion in 2004 and made a net profit of US$18,5 million.The Afrexim Bank was established in Abuja, Nigeria in October, 1993 by African governments, African private and institutional investors as well as non-African financial institutions and private investors to finance and promote intra- and extra-African trade.The authorized share capital of the bank is US$750 million.Nineteen African governments are shareholders, including the governments of Namibia and Botswana.The bank has its headquarters in Cairo and branch offices in Harare, Abuja, and Tunis.President Hifikepunye Pohamba is expected to open the AGM this morning.