Afreximbank gets shareholders’ nod to raise share capital to $25bn

The shareholders of the Africa Export-Import Bank (Afreximbank) have approved an increase in its authorised share capital from $5 billion to $25 billion.

The increase recognises the rapid growth of the bank in response to the challenges facing the African continent, according to a statement on Wednesday.

“It also creates capacity for the bank to support the growth and development envisaged for the African continent in line with its mandate to promote the continent’s trade and affirm its relevance on the global stage,” it said.

Benedict Oramah, president and chairman of the Board of Directors of Afreximbank, said the “overwhelming endorsement” by shareholders of the “historic increase” reflected their firm belief and trust in the board and management as well as the bank’s mission.

“This move gives us the necessary headroom to mobilise the capital we need to create a bank that serves all Africans,” he said.