African Countries Accede To Afreximbank’s Fund For Export Development Agreement

Samuel Mobolaji

Three African countries including; Republics of Kenya, Congo and Chad are the latest signatories to the Establishment Agreement of the Fund for Export Development in Africa (FEDA), the development impact-oriented subsidiary of African Export-Import Bank (Afreximbank).

Afreximbank on Friday explained that these successive accessions provide positive momentum for FEDA and demonstrate a shared commitment from Afreximbank Member Countries to support the organization’s impact investing objectives.

According to the African Export-Import Bank, the development would also, creates a powerful catalyst to increase equity and equity-like funding for African companies that promote industrialization, Intra-Africa trade and value-added export development.

“FEDA already has strategic investments in The Republic of Congo and the Republic of Chad via its investment in Arise IIP, which is developing industrial platforms including ‘Plateformes Industrielles du Congo’ and Laham Tchad. In the Republic of Kenya, discussions have already commenced on strategic investment projects.”

Commenting, President and Chairman of the Board of Directors of Afreximbank and FEDA, Professor Benedict Oramah said: “The accession to the FEDA Establishment Agreement by the Republic of Kenya, the Republic of Congo and the Republic of Chad are important steps that are expected to catalyse more investment by FEDA towards these countries’ industrialization and value-add export development. We are delighted to onboard these new Member Countries and we look forward to mobilizing other Afreximbank Member States in due time to support FEDA’s pan-African expansion.”

Also, CEO of FEDA, Marlène Ngoyi said: “The new accessions confirm Member States continued support for FEDA’s mandate which is critical towards advancing the continent. FEDA is further emboldened by the Republic of Congo and the Republic of Chad’s industrial park strategies, which it is keen to support through its investment in Arise IIP. FEDA also looks forward to pursuing strategic investment opportunities in the Republic of Kenya.”