19 August 2022 09:44 AM

Economics Conferences & Exhibitions

President El-Sisi Inaugurates the 29th Afreximbank Annual Meetings

Thursday، 16 June 2022 - 11:34 PM

President Abdel Fattah El Sisi on Thursday 16-6-2022 attended the launch of the 29th annual meetings of the Africa Export-Import Bank (Afreximbank) in the New Administrative Capital.

The meetings are organized by the Central Bank of Egypt in cooperation with Afreximbank.

More than 3,000 high-profile international and government bankers and officials are taking part in the gathering.

Themed “Realizing the AfCFTA Potential in the post COVID-19 Era—Leveraging the power of the Youth”, the Afreximbank annual meetings will include Advisory Group Meetings and the Annual General Meeting of Shareholders, complemented by seminars and plenaries.

Afreximbank annual meetings are open to banking industry professionals, finance practitioners and other parties involved in economic development from across Africa and beyond.

Governor of the Central Bank of Egypt Tarek Amer delivered a speech, in which he said that the consecutive international developments have burdened African economies which have been already suffering from several problems.

Amer added that the whole world, especially regional and international financial institutions, has been closely following up the successive developments which rattled most of world economies.

He, also, said both developing and developed countries are suffering from major problems and challenges, especially with regard to rising inflation rates.

He highlighted that African countries are suffering from several domestic problems in addition to foreign shocks.

He noted that the African countries and regional financing institutions have borne the burdens of allocating a large part of their budgets and financing programs to secure anti-coronavirus vaccines.

Amer added that the coronvirus has burdened African economies depending on importation and tourism in view of travel restrictions ensuing from the pandemic.

He pointed out that the rising prices of staple food commodities over geopolitical instability have overshadowed the international economy in general and the African economy in particular, referring to the rising energy prices which consequently affected supply chains and shipping costs.

The Greatness and Glory of the Egyptian Civilization

Chairman of African Export-Import Bank (Afreximbank) Professor Benedict Oramah commended the greatness and glory of the Egyptian civilization, manifested in temples, pyramids and the Sphinx as well as Suez Canal and the High Dam in Aswan Governorate.

Addressing the 29th annual meetings of the Africa Export-Import Bank (Afreximbank),  he said Egypt left marvelous artifacts to the history. He also expressed admiration and appreciation over the great achievement of the NAC.

Oramah rejected the idea that the African continent will not be able to rise up again, saying we can see this work being achieved in Egypt - in reference to the New Administrative Capital. This means that if we have the will we can do anything.

Chairman of African Export-Import Bank (Afreximbank) Professor Benedict Oramah, further, congratulated President Abdel Fattah El Sisi for successes made by the Egyptian government since assuming his office, saying that President Sisi proved to all that we can capitalize on greater potentials in Africa by determination, persistence, concentration and unity to make changes on the ground.

He added that Afreximbak disbursed 7 billion dollars in December, 2021 for central banks and small and medium-sized enterprises in order to face Covid-19 pandemic and mitigate its repercussions, noting that the Bank also exerted painstaking efforts to provide vaccines in African countries, he pointed out.

Oramah said the Bank rapidly responded to the African Union call to collect two billion dollars to help Africa purchase 400 million doses of Covid-19 vaccines, adding that the Bank cooperated with the AU in launching a compensation fund as a structural measure toward transition in vaccine production.

Professor Benedict Oramah went on to say that the bank seeks to make the best use of Chinese and European systems to develop Africa’s banking system.

Oramah said the Afreximbank is happy to work with Banque Misr, the Central Bank of Egypt (CBE), Banque du Caire, Vista Bank and other banks in Africa.

He concluded his speech by thanking President Sisi for his sponsorship of the 29th annual meetings of the Africa Export-Import Bank (Afreximbank) in the New Administrative Capital.

President Abdel Fattah El Sisi witnessed a discussion panel entitled: "Africa in the face of external shocks and internal challenges", held on the sidelines of Afreximbank annual meetings.

Speaking during the discussion panel, Central Bank of Egypt (CBE) Governor Tarek Amer said that the state injected huge funds into the economic sectors, especially the private sector.

He added that the CBE has intervened to maintain stability of the exchange rates.

He noted that the economic reform program has provided some protection and helped restructuring hard currency resources in view of the international geopolitical crises and rising food prices.

For her part, United Nations (UN) Under Secretary-General Vera Songwe said Africa needs more resources from the international community to face up to global crises, and to up the volume of inter-African trade that presently stands at $2.8 billion.

She, also, underlined the importance of diversifying African exports.

For his part, African Union (AU) Commissioner for Trade and Industry Albert M. Muchanga highlighted the importance of strengthening African infrastructure, with a view to improving quality and competitiveness, as well as removing trade barriers.

The AU official noted that the African body would embark upon upgrading all African standards with the aim of enhancing development efforts and upping investments channeled into infrastructure projects, in addition to
boosting industry, including the automotive industry and opening new investments on this score.

Rosa Whitaker, President & CEO of the Whitaker Group (TWG) referred to a financing gap in Africa, pointing out to efforts aimed at managing and directing resources to bridge the current gap, through soliciting funds in the form of assets and monetary investments, together with protecting the environment.

She said Africa is mostly bearing the brunt of climate change, adding that the continent should act to accelerate the decarbonization of all aspects of its economy, underling the importance of the efficient management of the abundant natural resources of the continent.

Meantime, she underscored the need to strengthen Africa's industrial and technological development.

Arnold Ekpe, former CEO of Ecobank International and Chairman of the Business Council for Africa said all planned giant ventures in Africa should turn into reality, noting that African integration is a key pillar for all future achievements on the continent. 

President Abdel Fattah El Sisi addressed the discussion panel entitled: "Africa in the face of external shocks and internal challenges", calling for changing the image of Africa and realizing the aspirations of African people through building a developed basic infrastructure system which includes modern road networks and upgraded electricity grids, as well as the implementation of ventures to achieve all-out inclusive development.

The president accentuated the need for introducing tangible mechanisms to realize these aspirations and hopes for a better future for all African people.

The president asserted that African countries can draw on the successful experiences of both the G8 and G20 who represent the world's largest advanced and emerging economies, to learn how members of each bloc worked together to benefit from them collective economic potentials for the benefit of their peoples.

The president said Egypt is working assiduously on developing its infrastructure, pointing out that total investments worth 400 to 500 billion dollars were channeled into its infrastructure development projects over the past few years.

He also reiterated the importance of security and stability as two main pillars helping countries to achieve development.

The president called on businessmen, as well as banking and financial service providers across the world to pay due attention to the African continent. 

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