Thursday, 8 September 2016

News Release: Djibouti Becomes Afreximbank Participating State

President Ismaïl Omar Guelleh of Djibouti (left) in handshake with Afreximbank President Dr. Benedict Oramah after their meeting in Djibouti

The President of Djibouti, Ismaïl Omar Guelleh, has announced the country’s accession to the African Export-Import Bank (Afreximbank) Establishment Agreement, making it a participating state of the continental trade finance institution. 

President Guelleh, who announced the accession on Monday while receiving Dr. Benedict Oramah, President of Afreximbank, at the Presidential Palace in Djibouti, said that the country wanted to build up its logistics and renewable energy sectors as development priorities to drive sustainable economic growth and regional integration and looked forward to collaborating with the Afreximbank to deliver on some of the significant infrastructure projects linked with that objective.
Djibouti’s strategic location on the East African coastline, where there is high marine traffic, means that it offers significant viable opportunities for industrial development, particularly in ship building and repairs, said President Guelleh.
Responding, Dr. Oramah said that the signing of the instrument of accession would allow Djibouti to start enjoying full access to the range of services, programmes and facilities offered by the Bank.

“The trade and infrastructure development plans initiated by Djibouti are very impressive,” he said. “They have the potential to transform the country and to make an impact, not only in the region but across Africa, as the country moves toward becoming a key logistics hub for the continent.”

Dr. Oramah pledged that Afreximbank would work with public and private entities in Djibouti and would link them with other African and international economic players in order to deploy the Bank’s trade finance programmes in support of the country’s priorities, including the development of renewal energy infrastructure through the Bank’s funding programme with KFW, the German development bank, construction of world-class tourism amenities under the Bank’s CONTOUR facility, and expansion of Djibouti’s transport and logistics infrastructure. 

Djibouti’s vision and trade development drive, and its regional potential were consistent with Afreximbank’s strategy to boost intra-African trade and promote the industrialisation of the continent, he added.

President Oramah urged Djibouti to move quickly to conclude the ratification of the Agreement as required under the terms of the 1993 Abidjan Agreement on the Establishment of the Bank.

In addition visiting President Guelleh, the Afreximbank President also met with Ilyas Moussa Dawaleh, Minister of Economy, Finance and Industry of Djibouti, with the executives of the Djibouti Ports and Free Zones Authority, and with representatives of Electricité de Djibouti, the national electricity company, to discuss projects that required financing.              

Manal Mounir Hendy
External Communications

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