Regional economic integration vital

THE 13th Annual General Meeting of the African Export Import Bank (Afrexim) held in Windhoek last week, saw representatives of shareholding countries and institutions from across the continent gather for the important event.

Officially opening the AGM on Friday, President Hifikepunye Pohamba commended the work being done by the regional bank adding that since its establishment in 1994, Africa has seen significant improvement in economic performance. Afrexim Bank is said to have supported busiiness in Namibia through its participation in the maiden US$50 million syndicated loan facility to the Bank of Namibia.”I, therefore, wish to take this opportunity to pat tribute to the multifaceted contributions that the bank (Afrexim) has made in revitalising and expanding exports and intra-Africa trade since its founding,” said Pohamba addressing those gathered.Trade between countries on the continent is said to have more than doubled between 1994 and 2004.Afrexim Bank was established in Abuja, Nigeria in October 1993, by governments, private and institutional investors to finance and promote intra-African trade and economic integration.Other shareholders are non-African financial institutions for the purpose of financing and promoting investment and boosting economic growth.The bank has its base in Abuja and has branch offices in Harare, Cairo and Tunis.Also speaking at the event, the Chairperson of Afrexim and also the Finance Minister of Zimbabwe, Dr Herbert Murerwa said even though the creation of the bank had been received with pessimism back then, the vision to establish such an institution had borne meaningful results.He added that besides its main role, Afrexim had also managed to serve as a central and pivotal point which attracted other foreign banks to bring in the much-needed investment into African projects.Afrexim President Jean-Louis Ekra said the bank enjoyed a progressive 2005, despite a few challenges faced by the region which included drought.Total assets of the bank rose by nine percent to US$572 million while net income declined to US$15 million from US$18 million of 2004.Dividend payout to shareholders was US$4 million.Afrexim Bank is said to have supported busiiness in Namibia through its participation in the maiden US$50 million syndicated loan facility to the Bank of Namibia.”I, therefore, wish to take this opportunity to pat tribute to the multifaceted contributions that the bank (Afrexim) has made in revitalising and expanding exports and intra-Africa trade since its founding,” said Pohamba addressing those gathered.Trade between countries on the continent is said to have more than doubled between 1994 and 2004.Afrexim Bank was established in Abuja, Nigeria in October 1993, by governments, private and institutional investors to finance and promote intra-African trade and economic integration.Other shareholders are non-African financial institutions for the purpose of financing and promoting investment and boosting economic growth.The bank has its base in Abuja and has branch offices in Harare, Cairo and Tunis.Also speaking at the event, the Chairperson of Afrexim and also the Finance Minister of Zimbabwe, Dr Herbert Murerwa said even though the creation of the bank had been received with pessimism back then, the vision to establish such an institution had borne meaningful results.He added that besides its main role, Afrexim had also managed to serve as a central and pivotal point which attracted other foreign banks to bring in the much-needed investment into African projects.Afrexim President Jean-Louis Ekra said the bank enjoyed a progressive 2005, despite a few challenges faced by the region which included drought.Total assets of the bank rose by nine percent to US$572 million while net income declined to US$15 million from US$18 million of 2004.Dividend payout to shareholders was US$4 million.