African Export-Import Bank (AFREXIM BANK): Trade Finance Bank for Africa
The African Export- Import Bank (AFREXIM BANK) was established in Abuja, Nigeria in October, 1993 by African Governments, African private and institutional investors as well as non-African financial institutions and private investors for the purpose of financing, promoting and expanding intra-African and extra-African trade.
The Bank was established under the twin constitutive instruments of an Agreement signed by member States and multilateral organizations, and which confers on the Bank the status of an international multilateral organization; as well as a Charter, governing its corporate structure and operations, signed by all Shareholders.
Governing Bodies of AFREXIM BANK
The General Meeting, which consists of shareholders or their representatives and is the highest decision-making organ of the Bank
The Board of Directors, comprising ten members from the three classes of shareholders (Four representing Class “A” shareholders including one director designated by the African Development Bank (AFDB), four representing Class “B“ shareholders and two are representing Class “C“ shareholders). It forms its subsidiary organs which is discussed below:
- The Executive Committee chaired by the President (ex-officio) and composed of three Board members representing the three classes of shareholders. The Executive Committee meets once a month or more often, to make decisions on matters delegated to it by the Board, such as those relating to investment, guarantee and financing operations.
- The Audit Committee composed of three Directors representing the three classes of shareholders and is empowered by the Board to review, examine and verify the proper application of financial, operational and administrative policies and procedures of the Bank. The President is appointed by the General Meeting upon the recommendation of the Board of Directors, for a term of five years, renewable once.
The Senior Executive Vice-President and one or more Executive Vice-Presidents may be appointed by the Board of Directors upon the recommendation of the President for a term of four years and may be renewed for an additional term. The Bank’s branch offices are headed by Executive Vice-Presidents.