Zimbabwe accedes to Afreximbank's Fund for Export Development in Africa (FEDA) establishment agreement
The Republic of Zimbabwe has become the sixth signatory to the Establishment Agreement of the Fund for Export-Development in Africa (FEDA), the development impact-oriented subsidiary of African Export-Import Bank (Afreximbank).
The Agreement was recently signed by His Excellency Dr. Emmerson Dambudzo Mnangagwa, President of the Republic of Zimbabwe.
This accession marks another significant step forward in Afreximbank's efforts to mobilize its Member States to sign and ratify the Establishment Agreement of FEDA. It also demonstrates the growing support for FEDA as a new multilateral development platform.
Following the announcement of its first close of US$ 670 million in September 2022, FEDA continues to build momentum for strategic interventions on the Continent.
Professor Benedict Oramah, President and Board Chairman of the Board of Directors of Afreximbank and FEDA, said: "The accession to the FEDA Establishment Agreement by the Republic of Zimbabwe is an important step that will pave the way for the ratification of the Agreement in the coming months, thereby facilitating increased investment by FEDA in Zimbabwe. FEDA's mandate is critical to African economies as it provides long term capital with a focus on industrialization, intra-African trade and value-added exports. We look forward to mobilizing other Afreximbank Member States in due time to support FEDA's pan-African expansion."
Marlène Ngoyi, CEO of FEDA, said: "This promising development builds on FEDA's track record of investing in companies operating in Zimbabwe that are strategically aligned in promoting industrialization, intra-African trade and value-added exports. The investments include a corporation in the TMT sector that provides vital digital infrastructure to support Africa's connectivity and trade with the rest of the world. FEDA is committed to intervene further in the country in the near future."