Foreign
THE Fund for Export Development in Africa, FEDA, the development impact-focused subsidiary of African Export-Import Bank, Afreximbank, has announced the accession of the Gabonese Republic and the Republic of Sierra Leone to the Fund through their recent respective signing of the FEDA Establishment Agreement.
FEDA described the accession by the two countries as a significant milestone, which will strengthen its ability to provide crucial support to African economies and achieve its objectives effectively. The new memberships expand the reach of FEDA’s interventions and reflect the Fund’s unwavering commitment to its mandate of providing long-term capital to African economies with a focus on industrialization, intra-African trade and value-added exports.
In November 2022, FEDA invested in Arise Integrated Industrial Platforms (Arise IIP) in a significant step deepening the implementation of its mandate of promoting industrialization and value-added exports. The Gabon Special Economic Zone, GSEZ, developed by Arise IIP and focused on the timber industry, has enabled Gabon to transition from a mere log exporter to a leading global producer and exporter of veneer.
Similarly, the Government of Sierra Leone has partnered with Arise IIP to establish a Special Economic Zone in the country, further strengthening FEDA’s objective of promoting industrialization on the continent.
Professor Benedict Oramah, President of Afreximbank and Chairman of the Board of both Afreximbank and FEDA, said: “The signing of the FEDA Establishment Agreement by the Gabonese Republic and the Republic of Sierra Leone is a testament to the long-standing cooperation between Afreximbank and the respective countries. These developments establish the foundation for more coordinated intervention in the future. FEDA’s mandate to provide long term capital, with a focus on industrialization, intra-African trade and value-added exports, makes the Fund a critical force for bringing prosperity for African economies.”
Marlène Ngoyi, CEO of FEDA, commented: “FEDA looks forward to a successful partnership with the Gabonese Republic and the Republic of Sierra Leone. We welcome the continued support from Afreximbank Member States, and we aim to mobilize more countries in due time to support FEDA’s pan-African outreach and intervention. The recent developments in the Gabon Special Economic Zone and the Special Economic Zone in Sierra Leone, under the Arise IIP investment, are strong demonstration of transformative investments that are well aligned with FEDA’s investment strategy.”
Distributed by APO Group on behalf of Afreximbank.
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Tags: Afreximbank FEDA Marlène Ngoyi Professor Benedict Oramah
