Thursday, April 25, 2024
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HomeBusinessArab Republic of Egypt accedes to Afreximbank’s Fund for Export Development in...

Arab Republic of Egypt accedes to Afreximbank’s Fund for Export Development in Africa (FEDA)

  • The signing of FEDA’s Establishment Agreement opens avenues for strengthening trade relations between Egypt and other African nations

KIGALI, Rwanda – The Fund for Export Development in Africa (FEDA), a subsidiary of the African Export-Import Bank (Afreximbank) dedicated to fostering development impact, is pleased to announce the Arab Republic of Egypt’s accession to its Establishment Agreement.

With Egypt’s longstanding position as a founding shareholder and the host country of Afreximbank’s headquarters, this recent development underscores Egypt’s commitment to supporting Afreximbank and FEDA’s mission of catalyzing intra-African trade and export development. The signing of FEDA’s Establishment Agreement opens avenues for strengthening trade relations between Egypt and other African nations.

The inclusion of Egypt in FEDA’s membership base significantly expands the reach of FEDA’s interventions with its primary objectives of providing sustainable capital to African economies. FEDA’s intervention places great emphasis on industrialization, intra-African trade, and the development of value-added exports.

Professor Benedict Oramah, president of Afreximbank and chairman of the boards of both Afreximbank and FEDA, expressed gratitude for Egypt’s accession, stating:

“We warmly welcome the signing of the FEDA Establishment Agreement by the Arab Republic of Egypt. This momentous occasion exemplifies Egypt’s unwavering support for Afreximbank and its initiatives since inception. With Egypt onboard, FEDA is well-positioned to enhance its transformative investments within the country.”

  • Distributed by APO Group on behalf of Afreximbank.
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