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The African Export-Import Bank (Afreximbank) recently concluded its 32nd Annual General Meeting (AGM) in Abuja, marking a significant milestone for the institution. Held from June 25 to 28, 2025, this AGM attracted nearly 6,000 delegates—the largest attendance in Afreximbank’s history—comprising African and Caribbean heads of state, government ministers, business leaders, academics, and development partners.
### New Leadership at the Helm
One of the most notable outcomes was the appointment of Dr. George Elombi as the fourth President and Chairman of the Board of Directors, succeeding Professor Benedict Oramah, who will retire after nearly a decade of transformative leadership. Dr. Elombi, a long-serving executive within Afreximbank, brings valuable continuity and deep institutional knowledge to his new role.
**Outgoing President’s Message:**
Oramah expressed gratitude for his tenure at Afreximbank, stating that the bold decisions taken during this AGM—such as expanding concessional financing and reaffirming the Bank’s Preferred Creditor Status (PCS)—will significantly impact Africa’s prosperity. He extended full support to Dr. Elombi, confident in his ability to lead Afreximbank into a new era.
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### Expanding Finance Window
A landmark decision at the AGM was the expansion of the Concessional Finance Window (Africa Trade Transformation Fund – ATTF) from USD 1 billion to USD 5 billion. This includes an increase in direct shareholder contributions from USD 200 million to USD 700 million. The expansion is aimed at meeting the rising demand for accessible development financing across Africa and the Caribbean.
### Reaffirming Legal Protections
The AGM also reaffirmed Afreximbank’s Preferred Creditor Status (PCS), which protects its loans from being subject to sovereign debt restructurings. Shareholders confirmed that the 1993 Establishment Agreement, ratified by all member states, provides binding legal protections that anchor the Bank’s financial resilience.
**Minister Edun’s Statement:**
Nigeria’s Minister of Finance and newly elected Chairman of the General Meeting for the 2025/2026 period, Mr. Wale Edun, emphasized the need to uphold the integrity of African Multilateral Financial Institutions (AMFIs), warning against narratives and actions that undermine their legitimacy.
### Governance Enhancements
The AGM passed several governance resolutions, including:
– Adoption of audited financial statements for 2024.
– Appointment of auditors for the upcoming year.
– Re-election of three regional directors: Dr. Denny Hamachila Kalyalya (Zambia), Dr. John Panonesta Mangudya (Zimbabwe), and Mr. Victor Jérôme Nembelessini-Silué (Côte d’Ivoire).
– Re-election of Independent Directors.
These elections underscore a focus on experienced leadership, regional balance, and institutional credibility.
### Defending Multilateral Institutions
Delegates at the AGM addressed emerging threats to African financial institutions, including criticisms aimed at multilateral treaty frameworks. A unanimous shareholder statement rejected these negative narratives and reasserted collective responsibility to safeguard Afreximbank and similar bodies.
### Looking Forward
The 2025 AGM reaffirmed Afreximbank’s pivotal role in Africa’s trade-led development agenda. With renewed mandates, strengthened legal protections, expanded capital resources, and a seamless leadership transition under Dr. George Elombi, the institution remains uniquely positioned to support the African Union’s vision of Agenda 2063—a prosperous, integrated, and resilient continent.
As Afreximbank enters its next phase, it continues to play a crucial role in facilitating intra-African trade, driving industrialization, and supporting regional integration—key objectives amidst a global landscape marked by economic uncertainty and financial fragmentation.
📚 Reading Comprehension Quiz
Which of the following is a key outcome of Afreximbank's 32nd Annual General Meeting held in Abuja?
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