Afreximbank headquarters

The African Export-Import Bank (Afreximbank) says Chad has become the 38th African country to join the continental trade finance institution as a participating state.

The bank  in a statement said that  the official accession document from the Chadian Minister of Finance and Budget, Mr Ngarlenan Docdjengar, was signed on Oct. 5 in Chad.

According to the bank, Chad undertook to take all the necessary steps for the formal ratification of the Agreement.

Dr. Benedict Oramah, the President of the Afreximbank, welcomed the Chad’s decision to join the bank,.

Benedict Oramah

He said that signing the instrument of accession by the country was a bold step to pave way for the entities.

Oramah said that Chad, including its private sector, would enjoy full access to the range of services, programmes and facilities being offered by the bank.

He urged Chad to move quickly to conclude the ratification process and to subscribe to shares in Afreximbank in order to allow the bank to provide much needed financing support to the country.

Under the terms of the 1993 Abidjan Agreement on the establishment of the bank, countries that were not able to sign the Agreement before it entered into force, are required to first issue an instrument of acceptance and accession and then to ratify the Establishment Agreement so as to fully activate their membership of the bank.

Participating members of the bank include Angola, Benin, Botswana, Burkina Faso, Cameroon, Cape-Verde, Cote D’ivoire, Democratic Republic of Congo, Egypt, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Lesotho, Liberia, Malawi, Mali, Mauritania, and Mauritius.

Others are Morocco, Namibia, Niger, Nigeria, Republic Of Congo, Rwanda, Senegal, Seychelles, Sierra-Leone, Sudan, Tanzania, Tunisia, Uganda, Zambia and Zimbabwe.