Afreximbank attracts $8b into Africa in 2014

The African Export-Import Bank (Afreximbank) says it has attracted some $8 billion into Africa in the year 2014.

The amount, the Bank says in a press statement citing its President, Jean-Louis Ekra and copied to ghanabusinessnews.com May 12, 2015, was raised through 19 syndicated financing deals, some of which the Bank arranged by itself or it co-arranged with others.

The President, according to the statement, indicated that a key part of the Bank’s strategy was to use traditional instruments in leveraging international financing into Africa, including through arranging or co-arranging syndications and club deals and inviting other financial institutions to share risk.

He was also cited as saying that for every dollar that the Bank committed in syndications during the year, it attracted $7 into Africa in a perfect example of leveraging external financing to support its lending activities.

The Bank says its targets for 2015 includes growing its net income by about 26 per cent to $132.4 million; growing its assets by about 15 per cent to $6.3 billion; keeping the cost/income ratio from exceeding 30 per cent; maintaining Tier 1 capital ratio within the 20 per cent to 30 per cent range; and operationalizing its Abidjan and Nairobi branches.

By Emmanuel K. Dogbevi