Republic of Congo formalises Afreximbank membership

The African Export-Import Bank (Afreximbank) says the Republic of Congo has formalised its membership of the bank.

In a statement on Thursday, the bank said that the country’s President, Denis Nguesso, had presented the instrument of ratification of accession to the Establishment Agreement of the Afreximbank on Wednesday.

Nguesso was quoted as saying in Brazzaville that his country would support the development of intra-African trade and industrialisation of the continent.

He said that Congo would support Afreximbank’s strategy to increase trade among African countries and industrialise Africa.

Dr Benedict Oramah, President of the bank, said the presentation of the instrument of ratification marked the full formalisation of Congo’s membership of Afreximbank.

Oramah said that with the ratification, Afreximbank would now be able to fully deploy its programmes and facilities across Congo’s economic sectors.

He said that the bank would provide the much-needed finance for the construction of trade-enabling infrastructure.

He said that since August, 2013 when the Republic of Congo became a member state, Afreximbank had disbursed over 220 million dollars to the country’s entities, predominantly in the oil sector.

According to him, the bank plans to expand its trade development activities so as to contribute more meaningfully to the country’s economic transformation.

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