Equatorial Guinea Joins Afreximbank

The African Export-Import Bank (Afreximbank) has welcomed Equatorial Guinea as its 50th member state with the country’s signing of the Instrument of Accession to the Bank’s Establishment Agreement in Malabo recently.The Minister of Finance, Economy and Planning of Equatorial Guinea, Lucas Abaga Nchama, signed the instrument on behalf of the government during a ceremony witnessed by President Teodoro Obiang Nguema Mbasogo of Equatorial Guinea and an Afreximbank delegation led by its President Dr. Benedict Oramah. Addressing the ceremony, Oramah expressed delight at welcoming Equatorial Guinea “as our newest and 50th participating member state,” remarking at its significance as it “also closely coincides with Equatorial Guinea’s celebration of 50 years’ of its independence in October.” He praised the pan-Africanist disposition of President Mbasogo, citing many interventions he spearheaded in that regard. Oramah noted that, with its many natural resources, Equatorial Guinea offered great prospects for regional trade, the development of industrial capacity and value-added exports, and said that Afreximbank would support the country’s drive for sustainable economic growth by providing it with financing facilities with a country limit of $750 million. According to the President, the Bank’s intervention will assist Equatorial Guinea to address the challenging conditions confronting its economy in recent years as a result of weak commodity prices. He noted that the country had been widely renowned as a leading exporter of oil, natural gas, timber, cocoa and fish.