“These impressive results demonstrate the resilience, systematic relevance, and commitment of Afreximbank to fulfilling its mandate and objectives under its Sixth Strategic Plan,” stated the Afreximbank in a press release.
The total revenue increased by 23% to 3.3 billion dollars (2.8 billion euros), “driven by an increase in business volume and rising interest rates,” the bank detailed.
The Fund for Export Development in Africa (FEDA), its equity investment subsidiary, expanded its impact portfolio to over 500 million dollars (439 million euros), targeting “key sectors such as industrial platforms, financial services, agribusiness, and healthcare,” according to Afreximbank.
The institution also highlighted the activities of AfrexInsure, its specialized insurance subsidiary, which completed transactions in 17 countries, up from seven the previous year, covering 3.54 billion dollars, more than 3.1 billion euros, in assets.
The total assets of the Afreximbank Group, an institution mainly owned by African governments, increased by 7.55%, moving from 37.3 billion dollars (32.7 billion euros) at the end of 2023 to 40.1 billion dollars (35.2 billion euros) by the end of last year.
In the release, Afreximbank emphasized that last year “it was ranked first across all three categories of Bloomberg Capital’s Market Report for African Capital Markets,” showcasing “the Bank’s role as a market leader in facilitating capital flows within and outside the continent from a diverse range of investors and stakeholders to (cover) the financing needs of African member states and organizations.”
In 2024, this bank, focused on financing trade transactions, increased its African member states to 54 with the inclusion of Libya and Somalia. Additionally, it secured the signatures from 12 of the 15 Caribbean countries on the Bank Participation Agreement, paving the way for Afreximbank to expand its operations in the region.
