Afreximbank raised $38 bln through central bank deposit programme since 2014

Marwa Tawfik , Sunday 16 Jun 2024

​Afreximbank, a pan-African multilateral financial institution, has raised $38 billion in funding since 2014 through its central bank deposit programme, according to vice-president Denys Denya.

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Afreximbank Vice-president Denys Denya.

 

The programme, launched in 2014, aims to mobilise a portion of African central banks’ reserves to support intra-African trade and economic development, promoting economic growth and integration across the continent.

"We need African solutions to Africa's problems. We raise funding from the continent,” Denya said in a plenary session during Afreximbank’s 31st Annual Meetings and 3rd Afri-Caribbean Trade and Investment Forum in Nassau, Bahamas on Friday.

“In terms of funding, in 2014 the Afreximbank launched the central bank deposit programme. Since then, cumulatively, we have raised $38 billion.”

In his welcome remarks at the opening ceremony, Denya noted that despite the abolition of the transatlantic slave trade in 1807/1808, Africa remains a periphery player in the world’s economic and finance spheres.

Denya noted that in an increasingly deglobalised world characterised by friend-shoring and nearshoring, with the key actors aiming at economic and political dominance, the need for a united Africa in the context of global Africa was not only logical but urgent.

“I would like to remind us of the hope of our forefathers — who fought and lost their lives in the quest for emancipation from the clutches of colonialism and neo-colonialism,” he noted.

“It has been a long and bumpy journey characterised by uncertainty of enormous proportions.”

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