African Export-Import Bank (Afreximbank)

Djibouti (IINA) : The weekly session of Djibouti’s Council of Ministers adopted a bill that enabled the country to join the Establishment Agreement of the African Export-Import Bank (Afreximbank), an international financial institution headquartered in Cairo, Egypt. The primary objective of the bank is to promote and finance trade within the African continent and trade between Africa and other continents.

A statement from the Djiboutian presidency said that this move reflects the government’s desire to diversify the national economy sources, noting that membership in this banking institution will enable the public and private sector institutions in Djibouti to take advantage of the services and programs offered by the African Export-Import Bank.

“The African Import-Export Bank will also support, under this membership agreement, the priority sectors such as energy, transportation and logistics services in Djibouti,” the statement added. The African Import-Export Bank, which was established in October 1993, announced last July that it would support Africa’s intra-regional trade with $15 billion annually, in order to expand and boost trade within the continent and beyond.