African Export-Import Bank (Afreximbank) has announced that The People’s Democratic Republic of Algeria (Algeria) has joined the Bank as a Member State. That brings the membership of Afreximbank to 52 out of the 55 African Union member States.
Algeria’s accession to the agreement establishing Afreximbank was formalised on 8 June 2022 by Presidential Decree No. 22-212. The subscription of the country to the shares of Afreximbank as part of its membership in the institution was also authorised by Presidential Decree n°22-222 of 14 June 2022. Algeria becomes a Class A shareholder in the Bank and will be represented by the Algerian Ministry of Finance.
Algeria has the 9th largest population and the 4th largest economy in Africa. It is also a member of the African Union, the African Continental Free Trade Area (AfCFTA) and the Greater Arab Trade Area.
The number of Afreximbank Member States rose from 38 in 2015 to 51 in 2021. With Algeria’s accession, the Bank is only 3 States short of achieving full continental coverage.
Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, commented:
“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 and paves the way for deeper cooperation between the Bank, the Algerian Government, the Algerian Central Bank and Algerian importers and exporters. 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.”
Source: Afreximbank (Published on June 30, 2022)