Seychelles Assumes Chairmanship of Afrexim Bank for One Year

Seychelles will have more opportunities to address the country's priorities now that is has taken over the chairmanship of the African Export-Import Bank (Afreximbank's) Annual General Meeting of Shareholders, said a top official.

Seychelles' Minister for Finance, Trade and the Blue Economy, Jean-Paul Adam, who is representing the country as the chair, said the blue economy is an area where there is the need to invest more capital with the aim of bringing growth for African countries.

"As the new chair, Seychelles will oversee the work of the bank to ensure it continues to respond to the needs of the member countries in line with its policies and that its investments continue to bear fruits and grow," said Adam.

Seychelles, an archipelago in the western Indian Ocean, takes over from Zambia for a one-year mandate.

It is the first time that the island nation holds the chairmanship of Afreximbank since its creation in 1993.

Adam told SNA that as the second-biggest inter-governmental bank in Africa after the African Development Bank (ADB), Afreximbank has a lot of expertise to assist Seychelles in developing its small and medium enterprises, and also facilitate trade with other African countries.

Seychelles is presently undertaking structural reforms in its economy to raise capital from Small Medium Enterprises and Adam said, "We can, therefore, rely on Afreximbank, which has the expertise to assist us."

He added that the bank can also assist companies wanting to either import or export but have difficulties getting capitals.

Seychelles hosted the Afreximbank's 23rd Annual General Meeting last week with around 500 delegates from the continent attending.

Adam said delegates agreed to pay particular attention to the economic and commercial importance of developing Africa's blue and green economies, and ensure there are the right mechanisms in place to promote sustainable economic development.

Afreximbank was established by African governments, African private and institutional investors, and non-African investors, and had a total asset of $9.4 billion as at 30 April 2016.

Since 1994, it has approved more than $41 billion in credit facilities for African businesses, including about $6.2 billion in 2015.

Source: Seychelles News Agency.

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