Directory of Economic, Commodity and Development Organizations - table of contents




World Trade Center                                     Postal Add:  P.O. Box 404 Gezira
1191 Corniche El-Nil                                                  Cairo 11568
Cairo 11221                                            Telephone:   [20](2)578-0281 to 6
Egypt                                                  Facsimile:   [20](2)578-0276 to 9

          President and Chairman to the Board:   ...   Christopher C. EDORDU
          Executive Vice President:              ...   Jean-Louis EKRA
          Deputy Director, Operations:           ...   Kamal EL-KHESHEN
          Deputy Director, Projects
            and Administrative Services:         ...   Kabiné KOMARA
          Deputy Director, Finance:              ...   Philip KAMAU
          Deputy Director, Planning & Development:     B.O. ORAMAH
          Assistant Director, Credit:            ...   T.A.B. DISU
          Head, Board Secretariat:               ...   Getachew TELAHUN
          Chief Legal Officer:                   ...   F. RINGO

LANGUAGES: English, French, Arabic


The African Export-Import Bank (Afreximbank) was created under the auspices of the African Development Bank (AfDB) following a Resolution adopted by the Annual Meeting of the Board of Governors held in Cairo, Egypt in July 1987, which directed the Management of the AfDB to conduct a feasibility study on the establishment of such a bank. The Board of Directors of AfDB considered the feasibility study and approved, in principle, the recommendation made to establish the Bank. Following a number of consultative meetings held in Cairo, Egypt in January 1993, Harare, Zimbabwe in March 1993 and Abidjan, Côte d'Ivoire, in May 1993, the First General Meeting of Shareholders was held from October 27-28, 1993 in Abuja, Nigeria, where the Bank was formally established by the adoption of the final texts of the basic legal documents of the African Export-Import Bank, namely, the Agreement for the Establishment of the Bank and the Charter of the Bank. The General Meeting also appointed the first President of the Bank, elected the first Board of Directors, and chose Cairo as the location of the Bank's Headquarters.

The Bank was established as an international institution with full juridical personality under the laws of the States parties to the Agreement and is endowed with immunities, privileges and concessions under the Agreement.

The purpose of the Bank is to facilitate, promote and expand intra-African and extra-African trade. To this end, the Bank's functions include: (1) extending direct credit to eligible African exporters in the form of pre- and post-shipment export finance; (2) extending indirect short-term credit (up to 12 months) and medium-term credit (over one year up to seven years) by way of lines of credit to eligible trade finance intermediaries; (3) promoting and financing intra-African trade and non-traditional African exports; (4) financing export generative African imports of equipment, spare-parts and raw materials; (5) providing risk-bearing facilities, such as the issuance and confirmation of letters of credit, guarantees (including country risk guarantees) and bill discounting facilities; (6) providing insurance services, covering commercial and non-commercial risks associated with African exports; and (7) providing support to payment arrangements in Africa and financing South South trade.

The Bank was established with an authorized capital of US$750 million payable in five installments; its subscribed capital as of December 31, 2001 stood at US$367 million, of which paid-up capital amounted to US$146 million, representing proceeds from two installments that had been called.

The Bank's membership and capital structure is made up of three categories of shareholders as follows: (1) Class 'A' Shareholders consisting of African Governments, African Central Banks and Sub-regional and regional financial institutions; (2)Class 'B' Shareholders comprising African public and private financial institutions, such as commercial banks, insurance companies, etc. and African public and financial investors; and (3) Class 'C' Shareholders comprising international financial institutions, and economic organizations and non-African States, banks, financial institutions and public and private investors. The Bank's authorized capital, when fully subscribed, is expected to be distributed among the three categories of Shareholders as follows: 35 percent for Class 'A', 40 percent for Class 'B' and 25 percent for Class 'C'.


As of December 31, 2001, the Bank's membership was composed of 108 Shareholders as follows:

1.Class 'A' comprising 37 Shareholders including 16 African Governments (Nigeria, Kenya, Ethiopia, Senegal, Guinea, Malawi, Botswana, Mali, Gabon, Benin, Rwanda, Côte d'Ivoire, Namibia, Mauritius, Burkina Faso, and Niger), 17 African Central Banks (Central Bank of Egypt, Reserve Bank of Zimbabwe, Banque Centrale de Tunisie, Bank of Ghana, Banco National de Angola, Bank of Tanzania, National Bank of Ethiopia, Central Bank of Guinea, Bank of Zambia, Bank of Sierra Leone, Bank of Mauritius, Central Bank of The Gambia, Banco de Mozambique, Bank of Sudan, Bank of Uganda, Banco de Cabo Verde, Central Bank of Mauritania), and 4 regional and sub-regional institutions (African Development Bank, African Reinsurance Corporation, PTA Trade and Development Bank, and Banque Centrale des Etats de l'Afrique de l'Ouest (BCEAO)).

2. Class 'B' comprising 59 Shareholders including 44 commercial banks in 15 countries (Egypt, Nigeria, Mauritius, Ethiopia, Kenya, Morocco, Mauritania, Uganda, Benin, Ghana, Guinea, Gabon, Togo, Zimbabwe, and Tanzania).

3. Class 'C' comprising 12 Shareholders including the Arab Bank for Economic Development in Africa (BADEA), Exim Bank of China, Citibank N.A., Standard Chartered Bank U.K., HSBC Equator Bank, Krediet Bank NV, the Export-Import Bank of India, Meridien BIAO, Banco do Brasil (through the Brazilian American Merchant Bank), Credit Commercial de France, Sumitomo Bank Ltd., and Pryor, McClendon, Counts & Co., Inc. (PMC), U.S.A.


The General Meeting of Shareholders is the highest authority of the Bank and is composed of Shareholders or their representatives. Its Chairman is elected by Class 'A' and Class 'B' Shareholders whereas the Vice-Chairman is elected by all Classes of Shareholders.

The Board of Directors is the major policy organ of the Bank and is composed of 10 non-resident members; 4 are elected by Class 'A' Shareholders including one member appointed by the African Development Bank; 4 are elected by Class 'B' Shareholders; and 2 are elected by Class 'C' Shareholders. Members of the Board of Directors are elected for a term of three years and my be re-elected.

The President is, ex-officio, the chairman of the Board of Directors and, in his absence, a Vice-President serves in that capacity. The Head, Executive Secretariat serves as the Secretary of the Board of Directors and its Committees.

The Executive Committee, a subsidiary organ of the Board of Directors carries out delegated functions, including commitment authority in respect of financing, guarantee and investment proposals. It is composed of three directors designated by the Board of Directors from among directors elected by Class 'A', Class 'B' and Class 'C' Shareholders, respectively.

The Audit Committee, another statutory committee of the Board of Directors is entrusted with the responsibility of reviewing, examining and verifying the proper application of institutional policies and procedures by the financial, operational and administrative units of the Bank.

The President is elected by the shareholders in a General Meeting, on recommendation of the Board of Directors, and holds office for a term of five years, renewable once for a similar period. A Vice-President is elected by the Board of Directors on the recommendation of the President. The President is the Chief Executive of the institution and is responsible for the day-to-day management of the Bank.

                          Board of Directors

          Chairman:                   ...   Christopher C. EDORDU

                         Members of the Board

          Class 'A'                   ...   Mathias KEAH
                                      ...   M.M. KHALIL
                                      ...   S. USMAN
                                      ...   G. MBESHEREBUSHA
          Class 'B'                   ...   C. CHIKAURA
                                      ...   M.A. DAOUAS
                                      ...   L.J. MABERT
                                      ...   E. AHOUTOU
          Class 'C'                   ...   Osman Hassan SAEED
                                      ...   Franklin KENNEDY
          Secretary to the Board:     ...   Getachew TELAHUN


Annual Report; Do You Know?; Highlights of the Bank's Strategic Plan for the period 1996-2000; Africa at a Glance; Africa-in-Figures; African Trade Coming to the Fore; Checklist for a Loan or Line of Credit to Finance African Trade; Guidelines for Extending Lines of Credit to Trade Finance Intermediaries; Trade Finance Facilities and Related Services; Afreximbank's Credit Policies and Procedures; Agreement for the Establishment of the African Export-Import Bank; Criteria for Appointing Afreximbank's Trade Finance Intermediaries; Afreximbank's Programmes and Facilities; The Role of Collateralised Finance in Funding the Commodity Sector (in collaboration with UNCTAD); Leading Issues in African Trade Finance (forthcoming); Recent Trends in African Trade Finance (forthcoming); Issues and Tools for Strengthening African Private Sector: An Examination of the Role of Venture Capital (forthcoming);

UPDATED:  December 2003

Directory of Economic, Commodity and Development Organizations - table of contents