The African Export-Import Bank (Afreximbank) has announced that Libya has acquired a number of its shares, following the full payment of their value on May 13.
Libya had acceded to the bank’s establishment agreement in October 2024, thereby becoming the fifty-second African nation to join the continental financial institution. This accession is considered a pivotal step toward achieving continental coverage and advancing the bank’s agenda, which aims to foster continental integration through trade and investment, according to a report published on the bank’s website.
The bank’s intervention areas encompass infrastructure, oil and gas, and the export of manufactured goods to other African countries. The bank also provides support for regional integration projects targeting other North African nations.
For his part, Professor Benedict Oramah, Chairman of the Board of Directors of Afreximbank, stated that “Libya’s contribution to the bank places it in a strong position to support the government’s reconstruction efforts, while simultaneously helping to deepen its regional engagement through investment in vital projects, such as the oil pipeline project, road projects between Egypt and Libya, and the electricity transmission and interconnection project covering Libya, Tunisia, and Algeria.” Oramah added that this investment “underscores the confidence of African governments in their African multilateral financial institution.”
Oramah lauded Libya’s investment in the bank, deeming it “indicative of increased confidence in the organisation’s activities, foremost among them its mission to transform African trade.” He noted that this contribution to the bank will help expand its services, reach, and impact in the region, in addition to strengthening its capital base.