Afreximbank opens Kigali office

The African Export-Import Bank (Afreximbank) launched its Fund for Export Development in Africa (FEDA) office in Kigali, Rwanda.

FEDA aims to address Africa’s US$110 billion financing gap for internal trade, developing valuable exports, and industrial supply chains. Rwanda was the first of fifteen African nations to approve FEDA’s establishment.

FEDA offers long-term financing for businesses of all sizes, from small startups to large corporations, across various sectors.

The Rwandan Prime Minister and Afreximbank President both spoke at the opening ceremony, highlighting the initiative’s potential to transform African economies and boost intra-regional trade.

The event was graced by Rwanda Prime Minister Dr Edouard Ngirente, who was accompanied by the president and chairman of the board of Afreximbank directors, Prof  Benedict Oramah.

Speaking at the inauguration, Dr Ngirente said: “The establishment of FEDA in Rwanda reflects our commitment to not only fostering economic development within our borders, but also to playing a pivotal role in the economic transformation of our continent. This initiative is a step closer to the realisation of the goals outlined in the Agenda 2063 of the African Union which lays great emphasis on the transformation of African economies and acceleration of economic growth on the continent.”

He noted that despite Africa’s significant resource endowments and contiguous markets, the continent had the lowest level of intra-regional trade in the world, adding that the continent’s share of value created remained the lowest across many products and commodities due to sub-optimal value addition.

On his part, Prof Oramah noted: “FEDA adds to the pool of institutions helping Africa to create its own capital base for development. With a focus on providing long-term, patient capital targeting all segments, from SMEs to corporates, and cutting across dynamic sectors of value-addition, services, and technology, FEDA is poised to drive Africa’s development.”  – Business Weekly