The newly appointed President of the African Export-Import Bank (Afreximbank), George Elombi, has applauded the bank’s remarkable transformation, revealing that its total assets have risen sharply to $40 billion, up from just $6 billion a decade ago.
Speaking at the Farewell Conference and Investiture Ceremony held in Egypt’s New Administrative Capital, Elombi described the institution’s growth as a milestone in Africa’s economic transformation and trade development.
Afreximbank’s Growth and Transformation
Elombi reflected on the bank’s evolution, noting that Afreximbank had grown “from a relatively small institution with only $6 billion in assets, and just $105 million a few years earlier, to over $40 billion today.”
He credited his predecessor, Prof. Benedict Oramah, for steering the bank into what he described as “Africa’s development supermarket.” According to him, Oramah’s tenure was defined by a clear vision to boost intra-African trade, industrialization, and economic independence across the continent.
“When he assumed office in 2015, his vision was clear: to build upon the foundation established by his predecessor and to drive Africa’s trade and development agenda forward,” Elombi said, emphasizing that Oramah’s “energy, generosity, and innovative approach” have left an enduring legacy.
Oramah’s Legacy and Afreximbank’s Expanding Influence
Highlighting the bank’s expansion, Elombi noted that Afreximbank’s growth was accompanied by the establishment of several key subsidiaries and initiatives. These include the Fund for Export Development in Africa (FEDA), AfrexInsure, the African Medical Centre of Excellence (AMCE), a project preparation fund, and a concessionary finance window.
He explained that these initiatives have expanded the bank’s role beyond traditional trade finance to include industrialization, healthcare, and sustainable development — vital sectors for Africa’s long-term growth.
Elombi reaffirmed his commitment to building on Afreximbank’s development agenda, stressing that the bank now provides a full range of financial and investment tools designed to advance the African Continental Free Trade Area (AfCFTA), stimulate industrialization, and promote greater private sector participation.
He added that under Oramah’s leadership, the bank and its partners built a solid foundation for Africa’s industrial and trade development, designing new instruments to address challenges that have slowed progress for decades.
What to Know
In June, Afreximbank shareholders appointed Dr. George Elombi as the institution’s next President and Chairman of the Board of Directors, making him the fourth person to lead the bank since its establishment in 1993.
His appointment was among the major outcomes of the 32nd Afreximbank Annual Meetings and related events held in Abuja, Nigeria, from June 25 to 28, 2025.
Elombi pledged to continue building on the achievements of his predecessors while driving Afreximbank’s vision of accelerating Africa’s trade, investment, and economic integration.
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