Ramsco's Women Empowerment Initiative Recognized Among Top BRICS Businesswomen Practices for 2025    Egypt, Elsewedy review progress on Ain Sokhna phosphate complex    Gold prices end July with modest gains    Pakistan says successfully concluded 'landmark trade deal' with US    Egypt's FM, US envoy discuss Gaza ceasefire, Iran nuclear talks    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Federal Reserve maintains interest rates    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Rafah Crossing 'never been closed for one day' from Egypt: PM    I won't trade my identity to please market: Douzi    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt's EHA, Huawei discuss enhanced digital health    Egypt, Oman discuss environmental cooperation    Egypt's EDA explores pharma cooperation with Belarus    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Oramah re-appointed as Afreximbank President
Nalletamby, Wing also re-elected as directors of Class "A" Shareholders and Class "B" Sharefolders, respectively
Published in Daily News Egypt on 14 - 06 - 2020

Shareholders of the African Export-Import Bank (Afreximbank) have voted to re-appoint Benedict Oramah as President of the pan-African, multilateral financial institution for a second five-year term.
The decision was announced on Sunday in Cairo, following Afreximbank's 27th Annual General Meeting of Shareholders which was held through a circulation of resolutions due to the ongoing coronavirus (COVID-19) pandemic.
"We want an Africa where the foundations of the African Continental Free Trade Agreement (AfCFTA) are promptly laid, so that the 84,000km of borders that have divided us for ages can begin to come down," said Oramah.
He added that AfCFTA would drive Africa's industrialisation, support the emergence of regional value chains, and turn the continent's creative and cultural assets into engines of growth. The agreement is also anticipated to grow jobs for African youth, whilst also better preparing the continent to compete more effectively in global markets.
Oramah highlighted that between 2015 and 2019, Afreximbank disbursed over $30bn in support of African trade, with over $15bn channelled towards the financing and promotion of intra-African trade.
"We will aim to double intra-African trade financing so that by the end of my term, it will constitute no less than 40% of the bank's total assets, with aggregate disbursements, on a revolving basis, over the five years exceeding $30bn," he announced.
In office since 2015, Oramah's re-appointment was one of the key decisions taken by shareholders during the bank's 2020 General Meeting.
A resolution proposing the re-election of Stefan-Luis Francois Nalletamby as a director representing Class "A" Shareholders, and Kee Chong Li Kwong Wing as a director representing Class "B" Sharefolders, was also approved by the meeting.
The 2019 audited accounts were also approved, as well as the proposal to raise an additional $500m in equity within the Afreximbank's current Strategic Plan dubbed "IMPACT 2021-Africa transformed".
The approval to raise additional equity was in recognition that an amount of $1bn earlier authorised to be mobilised had almost been fully raised.


Clic here to read the story from its source.