The African Export-Import Bank (Afreximbank) has announced a $69 million dividend to its shareholders from its 2018 earnings.
The bank announced the decision to pay the money at the just concluded Annual General Meeting of Shareholders (AGM) in Moscow.
In additon, the AGM approved the bank’s 2018 Annual Report, the which includes the 2018 Financial Statements.
In his report to the AGM, President of Afreximbank, Benedict Oramah, said the bank’s total revenues rose by 24 per cent in 2018 to about $806 million.
He said the net income also increased by 26 per cent to $276 million, above the level in 2017.
Again, the bank’s total assets, including contingent liabilities, went up by 15 per cent, from $13 billion in 2017 to $15 billion in 2018, Mr Oramah said.
“That profit performance reflected strong growth in interest and fee income from diversified sources by geography and financial products,” he said.
He informed the shareholders that during its extraordinary session in Nouakchott in July 2018, the African Union Heads of State Summit approved the accreditation of the bank to the AU.
The accreditation, he said allowed the AU to adopt most of the bank’s flagship initiatives as continental initiatives.
The action, Mr Oramah explained, would help to accelerate adoption of such initiatives at the national level, thereby improving the pace of implementation at lower cost.
Mr Oramah said the accreditation was a privilege previously enjoyed only by the African Development Bank and the United Nations Economic Commission for Africa.
The theme of the bank’s 2019 Annual Meetings (AAM2019) which started on June 20 was “Harnessing Emerging Partnerships in an Era of Rising Protectionism.”
The shareholders appointed one new member to its Board of Directors and also voted to retain Nigeria as its Chairman. Nigeria has kept the position for over a year since the last meeting in Abuja in 2018.
During the series of events, participans deliberated on topics such as: How South-South trade can be a path to Africa’s integration into the global economy; Multilateralism in the current global economic order of protectionism; and the role of investing in Africa’s infrastructure in accelerating intra-African trade and economic development.
Highlights of AAM2019 include the launch of the African Trade Report 2019; the launch of the Afreximbank Export Trading Company Strategy; and a half-day programme of activities dedicated to Russia-Africa investment cooperation. A number of trade agreements were also signed at the event.