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Dr. George Elombi, President of the African Export-Import Bank (Afreximbank), has praised Egypt’s role in strengthening economic integration across Africa, while expressing appreciation for the country’s support for the bank and its hosting of the Alamein Africa Business Forum.

Egypt Places African Trade at the Center of Economic Diplomacy

Speaking at the opening of the Alamein Africa Business Forum in the presence of President Abdel Fattah El-Sisi, Elombi said Afreximbank shares Egypt’s vision on the role of diplomacy in facilitating trade between African countries.
He thanked Egypt for putting intra-African trade at the center of its diplomatic efforts and also welcomed the participation of African Union Commission Chairperson Mahmoud Youssef in the forum, highlighting his support for economic diplomacy.

Egypt’s Longstanding Support for Afreximbank

Elombi noted that Afreximbank was established in August 1994, with Egypt signing the agreement that created the institution. Cairo subsequently served as the bank’s headquarters for 32 years.
He said Egypt also stepped in during 2023 when the bank needed a location for its exhibition, offering to host it. A new headquarters for Afreximbank has since been constructed in the New Administrative Capital.
The bank’s president expressed his gratitude for Egypt’s continued support and its contribution to the institution’s activities.
Afreximbank Records Around $560 Million in Profits
Elombi revealed that Afreximbank recorded approximately $560 million in profits between the previous year and the current year.
He said the bank expects to achieve additional positive results before the end of the year, noting that the performance reflects the strength of its ownership structure.
According to Elombi, the bank has also completed the final stages of a new methodology designed to create additional value through closer cooperation with institutions holding significant capital resources.

African Cooperation Seen as Key to Expanding Credit

Elombi explained that increasing the credit available from Afreximbank depends on strengthening cooperation between African countries and major financial institutions with strong credit ratings.
He stressed that the bank’s activities extend beyond individual countries, describing Afreximbank as a major financial institution whose mission reaches beyond Africa and the surrounding region.
The bank, he added, has developed into one of the world’s major development banks, with its capital increasing significantly since the 1980s. He attributed part of this growth to legislative changes and noted that calls for further capital increases are receiving greater responses.

Afreximbank Focuses on Liquidity and Development Financin

The bank is working to address Africa’s financing requirements by providing liquidity and credit to sectors that need funding to support development, Elombi said.
He added that the bank’s approach provides a framework for expanding its ability to respond to the continent’s financial requirements.

A Different Model Among Financial Institutions

Elombi also highlighted Afreximbank’s differences from foreign financial institutions, pointing to its ownership structure, organizational model, impact and nature of operations.
He said the bank’s performance should be considered in light of the specific role it plays and the results it achieves across Africa, rather than by comparing it directly with other institutions.

African Financial Resources and Crisis Response

Elombi said Afreximbank’s recent work has demonstrated the ability to rely on African financial resources when responding to crises.
He pointed out that the region has experienced several major crises, including situations that did not originate in Africa but nevertheless had significant effects on the continent.
He added that the bank’s previous experiences have demonstrated its ability to operate under difficult and challenging conditions, with recent years further highlighting its capacity to respond to crises and support the financing needs of African countries.