March 29, 2017 (JUBA) - The African Export-Import Bank (Afreximbank) said South Sudan became the latest nation to join it as a participating state in this trade finance regional multilateral institution.
The bank, in a statement issued on Wednesday, said South Sudan’s Finance Minister, Stephen Dhieu Dau signed the instruments of accession to the agreement establishing the bank in the country’s capital, Juba on Tuesday.
The President of Afreximbank, Benedict Oramah, quoted saying as a qualified member, the world’s youngest nation would now have access to the range of products and facilities offered by the bank.
Products, he said, include trade, projects, trade information and advisory services, support in the development of a local content policy and assistance in developing industrial parks and special economic zones.
The signing of the instrument commits South Sudan to take all necessary steps for the ratification of the agreement establishing the bank, stressed Oramah.
Under its terms of the Agreement signed in Abidjan on May 8, 1993, a country that did not sign before it entered into force is required to first issue an instrument of acceptance and accession to the bank.
Thereafter, however, such a country will formally ratify the Agreement in order to fully activate its membership of the bank.
According to Afreximbank’s policy, participating member states become shareholders when they acquired shares in the bank.
Headquartered in Cairo, Afreximbank shareholders are a mix of public and private entities divided into four classes and consist of African governments, central banks, regional and sub-regional institutions. Others are private investors and financial institutions as well as non-African financial institutions and export credit agencies.
Since 1994, the bank has reportedly approved over 51 billion dollars in credit facilities for African businesses, including about 10.3 billion dollars in 2016.