Algeria Becomes Afreximbank’s 52 Member State

ADDIS ABABA – Algeria has become a member state of the African Export-Import Bank (Afreximbank) as the bank closes in on full coverage of the African countent.

Algeria’s accession brings Afreximbank’s membership to reach 52 out of the 55 African Union member States.

The bank said the subscription of the north African country to the shares of Afreximbank as part of its membership in the institution was also authorized by Presidential Decree on 14 June 2022. 

Africa’s fourth-largest economy becomes a Class A shareholder in the Bank and will be represented by its Ministry of Finance. The country is also a member of the African Union, the African Continental Free Trade Area (AfCFTA), and the Greater Arab Trade Area.

Benedict Oramah (Prof), President and Chairman of the Board of Directors of Afreximbank, said Algeria’s membership of Afreximbank “is momentous.” 

“It brings Africa’s 4th largest economy within the Afreximbank family and creates a platform for Afreximbank’s AfCFTA intervention to be more impactful,” Oramah said 

“We look forward to a successful partnership that will enable Algeria to firmly establish itself as a strong participant in intra-African trade and investments.”

With Algeria’s accession, the Bank is only 3 States short of achieving full continental coverage.

Featured Image Caption: President and Chairman of the Board of Directors of Afreximbank Prof. Benedict Oramah [Photo File]