Africa / FEDA: Ghana and Equatorial Guinea join the agreement on establishment
The Fund for Export Development in Africa (FEDA), an impact-focused subsidiary of the African Import-Export Bank (Afreximbank), has achieved a significant milestone with the recent signing of the Establishment Agreement by the Republics of Equatorial Guinea and Ghana.
This crucial development comes after months of collaboration between Afreximbank, FEDA, and the respective government representatives of Equatorial Guinea and Ghana.
Both countries, as Afreximbank member states, have solidified their commitment to closer collaboration with FEDA by becoming signatories to the establishment agreement.
This move underscores their support for Afreximbank’s initiative to broaden FEDA’s impact objectives across the continent.
The addition of Equatorial Guinea and Ghana to FEDA’s membership is pivotal for expanding the scope of the organization.
FEDA’s mission is to provide long-term capital to African economies, focusing on key areas such as industrialization, intra-African trade, and the promotion of value-added exports.
Professor Benedict Oramah, President of Afreximbank and Chairman of the Boards of Afreximbank and FEDA, expressed enthusiasm about this development, stating, «We warmly welcome the signing of the Establishment Agreement of FEDA by the Republics of Equatorial Guinea and Ghana. This significant step creates a framework for enhanced and more effective cooperation, providing better access to the full range of intervention instruments offered by Afreximbank and FEDA. This builds on the strong partnership established with Equatorial Guinea and Ghana, aiming to support substantial investments in these countries in the near future».
FEDA, Afreximbank’s subsidiary dedicated to impact investment, focuses on addressing the substantial financing gap, especially in equity, required for transforming trade in Africa.
The organization adopts a comprehensive investment strategy across various sectors, including financial services, technology, consumer goods, retail, manufacturing, transportation, logistics, agro-industry, and trade-supporting infrastructure like industrial parks.
This latest development underscores the continued efforts of Afreximbank and FEDA to drive economic transformation across the continent by facilitating strategic investments and fostering sustainable development.
Neil Camara
