Madagascar joins Afreximbank

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The African Export-Import Bank (Afreximbank) said on Monday that Madagascar had joined the bank as a participating state.

A statement by the continental trade finance institution in Lagos, said Madagascar’s Minister of Foreign Affairs, Béatrice Jeanine Atallah, formalized the country’s membership of the bank on June 24.

According to the statement, the signing of the instrument commits Madagascar to take all necessary steps for the ratification of bank’s Establishment Agreement.

“Membership of the bank gives Madagascar automatic access to the full range of products and facilities offered by Afreximbank, including trade finance facilities, project finance services, trade information and advisory services, among other.

“Under the terms of the Agreement, new countries are required to first issue an instrument of acceptance and accession and then proceed to formally ratify the Agreement in order to fully activate their membership of the bank,” the statement said.

Current Afreximbank participating states are – Angola, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cape Verde, Chad, Côte d’Ivoire, Democratic Republic of Congo, Djibouti, Egypt, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, and Lesotho.

Others are – Liberia, Malawi, Mali, Mauritania, Mauritius, Morocco, Mozambique, Namibia, Niger, Nigeria, Republic of Congo, Rwanda, Senegal, Seychelles, Sierra Leone, Sao Tome and Principe, South Sudan, Sudan, Tanzania, Togo, Tunisia, Uganda, Zambia and Zimbabwe.

Participating States would become shareholders when they acquire shares in the bank.

Afreximbank shareholders are a mix of public and private entities divided into four classes.

NAN

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