The State of Libya has taken a critical step towards its full membership of African Export-Import Bank with the acquisition of shares in the African multilateral Bank, making the country both a participating state and a shareholder of the Bank.
The acquisition of Afreximbank’s shares by Libya further strengthens ties with the oil rich nation and enhances critical support to the Libyan economy.
Target areas of intervention by Afreximbank include infrastructure and oil and gas, and export of manufactured goods to the rest of Africa, while also supporting regional integration projects targeting other countries in North Africa.
“Libya’s shareholding in Afreximbank puts the Bank in a strong position to support the government’s reconstruction efforts while also helping to deepen its regional connectivity through investments in critical projects such as the oil pipeline and road projects between Egypt and Libya,” said Prof. Benedict Oramah, President and Chairman of the Board of Directors, of Afreximbank.
Other investments include the electricity transmission and linkage project covering Libya, Tunisia, and Algeria. It reaffirms the confidence of African governments in their Pan-African Multilateral Financial Institution.
Prof. Oramah commended Libya for its investment in the Bank which demonstrates increased confidence in the organisation’s activities, primarily its mandate of transforming African Trade. He noted that the shareholding in the Bank will help to expand its services, reach and influence in the region, besides enhancing its capital base.
In acceding to the Establishment Agreement, Dr. Khaled Al-Mabrouk Abdullah, Minister of Finance for the State of Libya, highlighted the importance of the partnership in supporting reconstruction and economic diversification efforts in his country and said that the nation’s accession was a milestone in its journey towards rebuilding its economy and re-establishing its role as a regional trading hub.
“Libya is grateful to His Excellency, Prof. Benedict Oramah, President and Chairman of the Board of Directors, of Afreximbank, for his persistent efforts in facilitating Libya’s full participation in the Bank’s foundational agreement,” he said, adding that tThe acquisition of shares in Afreximbank solidifies Libya’s position as a full member state and shareholder in this esteemed multilateral African institution.
“We regard this development as a critical step forward in Libya’s journey towards greater economic integration within the African continent. Our accession as the 52nd African nation to Afreximbank underscores our commitment to fostering robust trade and investment relationships across Africa.”
Dr. Abdullah noted that the partnership between Libya and Afreximbank would help unlock new avenues for economic growth, diversification, and development in his country.
“We anticipate leveraging the Bank’s expertise and resources to support our national economic agenda and to contribute effectively to the advancement of intra-African trade and continental integration. We commend Afreximbank for its unwavering commitment to African economic advancement and look forward to a fruitful and mutually beneficial collaboration,” he added.