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Afreximbank delivered exceptional 2024 financial performance, cementing its position as a systemic pan-African trade finance institution

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Afreximbank

These impressive results highlight Afreximbank’s resilience, systemic relevance and its commitment to delivering on its mandate and the objectives set under its Sixth Strategic Plan

Management remains confident in the Group’s ability to navigate ongoing economic headwinds and sustain growth trajectory

CAIRO, Egypt, April 15, 2025/APO Group/ –African Export-Import Bank (“Afreximbank” or the “Group”) (www.Afreximbank.com) has released the consolidated financial statements of the Bank and its subsidiaries, for the year ended 31 December 2024.

Financial Highlights

Afreximbank reported strong financial performance despite a complex global economic landscape marked by geopolitical tensions, inflationary pressures, and elevated interest rate, posting a net income of US$973.5 million for FY 2024, a 29% increase from the previous year – with subsidiaries beginning to make meaningful contributions to the Group’s financial results.

These impressive results highlight Afreximbank’s resilience, systemic relevance and its commitment to delivering on its mandate and the objectives set under its Sixth Strategic Plan. The Group’s total income increased by 23% to reach US$3.3 billion, driven by growth in business volumes and supported by higher market interest rates. As a result, net interest income for FY2024 amounted to US$1.8 billion, a 25% increase compared to FY2023, reflecting the effective and efficient management of borrowing costs.

Despite rising operating expenses, Cost-to-Income ratio improved to 18% in FY 2024, down from 19% in the previous year – demonstrating enhanced operational efficiency. This was achieved even as total operating expenses rose by 21% to US$367.7 million (FY2023: US$304.5 million), primarily due to global inflationary pressures and increased investment in human capital to support expanded business activities.

Group’s total assets, including contingencies, grew by 7.55%, reaching US$40.1 billion as of 31 December 2024, compared to US$37.3 billion at the close of FY’2023. The growth was largely driven by increases in net loans and advances to customers, guarantees and letters of credit, as well as investments at fair value, property and equipment.

The carrying value of property and equipment increased by 33%, rising from US$328.1 million to US$436.4 million, primarily driven by the accelerated construction of the state-of-the-art Afreximbank African Trade Centre (AATC) facilities in Abuja, Nigeria, and Harare, Zimbabwe.

The Group’s Shareholders’ funds grew by 17% in 2024, reaching US$7.2 billion (FY’2023: US$6.1 billion). This growth was largely driven by the Net income of US$973.5 million generated in 2024 which contributed to the increase in equity, while FY’2023 dividends of US$314.5 million were appropriated following the Shareholders’ approval in June 2024. Additionally, the successful capital-raising efforts under the second general capital increase (GCI II) programme, which secured fresh equity contributions totalling US$412.8 million during the year also contributed to the increase in Group shareholders’s funds.

The Bank’s callable capital, a significant proportion of which was credit enhanced as part of the Bank’s Capital Management Strategy, amounted to US$4.3 billion as at 31 December 2024 (FY’2023: US$3.7 billion).

Operating Highlights

In 2024, Afreximbank was ranked number one in all three categories in the Bloomberg Capital Markets League Tables Report for African Capital Markets. The Bank was the top Sub-Saharan Africa bookrunner, administrative agent and mandated lead arranger. These rankings affirm the Bank’s role as a market leader in facilitating capital from within and outside of the continent from a diverse range of investors and stakeholders for financing needs for African member states and organizations.

Afreximbank continued to expand its membership, further deepening its continental and diaspora reach. Libya’s accession to the Establishment Agreement brought the number of African member states to 53 by year-end, and just weeks later, Somalia became the 54th participating state. On the Caribbean front, membership momentum remained strong, with 12 of the 15 CARICOM countries having signed the Bank’s Participating Agreement, paving way for Afreximbank to expand its operations into the region.

The Bank’s subsidiaries also delivered a robust growth and made a significant impact throughout the year. The Fund for Export Development (FEDA), the equity investment subsidiary of the Bank, expanded its impact portfolio to over US$0.5 billion, targeting key sectors such as industrial platforms, financial services, agribusiness, and healthcare. AfrexInsure, the Bank’s specialty insurance subsidiary, successfully deployed its solutions to an expanding customer base across multiple sectors and geographies. By year-end, AfrexInsure had completed transactions in seventeen countries, up from seven the previous year, covering US$3.54 billion in assets. Notably, AfrexInsure was able to place 97% of its premiums with pan-African players, in line with its mandate to keep premiums on the continent.

The Pan African Payment and Settlement System (PAPSS) continued its upward trajectory in 2024, with 3 additional Central Banks and 50 commercial banks joining the platform, bringing the total number of Central Banks to 16 and commercial banks to 144. In addition, PAPSS launched the African Currency Marketplace (PACM) in 2024, which successfully handled 12 currencies during its pilot phase and becoming a useful platform for large corporates encountering difficulties in repatriating funds across the continent. Work is also progressing towar the launch of the PAPSS card, further enhancing the platform’s capacity to facilitate seamless financial transactions across the continent.

In the last quarter of 2024, the Bank priced its debut Samurai bond, securing a regular 5 tranche JPY 67.2 billion. Concurrently, the Bank launched its inaugural Retail Samurai bond with a 3-year fixed-rated tranche valued at JPY 14.1 billion. The bonds are rated ‘A-’ by Japan Credit Rating Agency, Ltd and helped with diversifying the Bank’s funding sources.

The fundraising opportunities were further validated by the AAA/Stable rating awarded to the Bank by China Chengxin International Credit Rating Co., Ltd (CCXI), the highest rating ever granted to an African multilateral financial institution. This prestigious rating not only affirms the Bank’s developmental impact and operational strength but also enhances our ability to diversify funding sources and strengthen our partnership with China, Africa’s largest trading partner.

Afreximbank, in collaboration with the African Union and the AfCFTA Secretariat, and the Government of the People’s Democratic Republic of Algeria will hold the Intra-African Trade Fair 2025 (IATF2025) in Algiers, Algeria, from 4-10 September 2025. The event, the largest of its kind in Africa, champions the cause of changing the socio-economic landscape of Africa by devising progressive initiatives aimed at promoting intra-African trade, continental integration and a platform for bringing the AfCFTA vision to life.

Mr. Denys Denya, Afreximbank’s Senior Executive Vice President, commented:

“In a challenging and rapidly evolving global geopolitical and economic environment, the Group delivered robust financial performance, exceeding expectations and outperforming prior years. This achievement highlights management’s commitment to executing the 6th Strategic Plan, ensuring operational efficiency, and enhancing value. The Bank’s strong financial position is underpinned by solid liquidity, a well-capitalized balance sheet, and a high-quality asset portfolio. Management remains confident in the Group’s ability to navigate ongoing economic headwinds and sustain growth trajectory. Strategic initiatives to mitigate risks and optimize operations have reinforced the foundation for long-term success. Looking ahead, global economic conditions are expected to remain volatile, with inflationary pressures, tighter financial conditions, and geopolitical uncertainties posing potential risks. The Bank will continue to play its role as a systemically relevant institution, balancing growth, liquidity, profitability, and risk management while pursuing sustainable expansion.”

Highlights of the results for the Group and Bank are shown below:

Financial Metrics FY-2024 FY-2023
Gross Income (US$ billion) 3.3 2.6
Operating Income (US$ billion) 2.0 1.6
Net Income (US$ million)  

973.5

 

756.1

Total Assets (US$ billion)  

35.3

 

33.5

Total Liabilities (US$ billion)  

28.1

 

27.3

Shareholders’ Funds (US$ billion)  

7.2

 

6.1

Net asset value per share US$69,270 US$63,683

 

 Financial Metrics FY-2024 FY-2023
Profitability

Return on average assets (ROAA)

Return on average equity (ROAE)

 

2.96%

15.31%

 

2.56%

13.31%

Operating Efficiency

Net interest spread

Cost-to-income ratio

 

4.07%

18.35%

 

4.09%

19.09%

Asset Quality

Non-performing loans ratio (NPL)

 

2.33%

 

2.47%

Liquidity and capital adequacy

Cash/Total assets

Capital Adequacy ratio (Basel II)

 

13.18%

24%

 

16.80%

25%

Distributed by APO Group on behalf of Afreximbank

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Afreximbank Announces Speakers for Africa’s Largest Compliance Forum

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Afreximbank

Bankers, compliance specialists and fintech leaders from more than 40 countries will explore how regulatory cooperation and technology can align compliance approaches, reduce barriers and advance intra-African and global trade

CAIRO, Egypt, November 3, 2026/APO Group/ –Afreximbank (www.Afreximbank.com) has announced speakers for its 2026 Compliance Forum, Africa’s largest compliance-focused gathering. Discussions will address regulatory fragmentation and barriers across Africa, improve access to correspondent banking services, and explore how technology can strengthen compliance and facilitate cross-border trade

 




  

Organised in partnership with the Botswana Investment and Trade Centre (BITC), the Forum will take place from 16 to 18 November 2026 at the Gaborone International Convention Centre in Botswana. Discussions will focus on strengthening regulatory cooperation, improving access to financial services and using technology to support effective compliance across African markets.

Confirmed speakers include Governor Lesego Caster Moseki, Bank of Botswana, Dr. Patrick Ndzana Olomo, Ag. Director, Economic Development, Integration and Trade, and Head of Economic Policy and Sustainable Development, African Union Commission (AUC), Luis Koberg, Founder and CEO of Klearium Group; Shane Ridel, CEO of Elucidate, Sophie Barre, Global Head of Risk and Compliance at Wave Mobile Money Group; Mr Mooketsi Ramanteba, Non-Bank Financial Institutions Regulatory Authority (NBFIRA), Nellie Nuyoni, Head of Private Sector, CBZ Holdings, Moira Mapundu, Head of Compliance, NMB Bank Limited and Boitumelo William of Continental Reinsurance. Compliance specialists from Dow Jones and Standard Chartered will also participate.

Mr Keletsositse Olebile, Chief Executive Officer of the Botswana Investment and Trade Centre, said: “Strong and predictable compliance systems build investor confidence, protect institutions, and create the conditions in which trade and enterprise can flourish.”

Under the theme “Better Compliance – Better Trade: Leveraging Compliance to Promote African Regulations that Advance Intra-African Economic and Trade Integration,” the Forum will examine how African markets can make their regulatory systems work more effectively together while preserving national sovereignty.

Idrissa Diop, Compliance Director at Afreximbank, said: “Our banks across Africa operate across very different legal systems, supervisory approaches and levels of digital maturity. Africa does not need uniformity at any cost. It needs interoperability that reduces friction while preserving regulatory sovereignty.

Our banks across Africa operate across very different legal systems, supervisory approaches and levels of digital maturity

“We invite regulators, compliance specialists, banks, fintechs, trade institutions and technology providers from across the continent to come to Gaborone ready to turn shared principles into practical cooperation, because better compliance can and should deliver better trade for Africa.”

The opening session, “Is Better Compliance Leading to Better Trade?”, will assess how regulatory cooperation can facilitate cross-border business. Other sessions will cover anti-money laundering and countering the financing of terrorism, sanctions, cybersecurity, consumer protection and the use of artificial intelligence in compliance.

Access to correspondent banking services will be a key focus. Luis Koberg, Founder and CEO of Klearium Group, said: “Many African banks continue to face barriers to accessing correspondent banking services. The reasons given often overlook a fundamental challenge: limited visibility across the payment chain. Improved transparency gives our industry the ability to accurately assess and manage risk, on a case-by-case basis with confidence.”

Delegates will also examine how fintech and risk-based onboarding can extend access to affordable financial services while meeting compliance requirements.

Sophie Barre, Global Head of Risk and Compliance at Wave Mobile Money Group, said: “Fintechs are rewriting the rules of financial inclusion and efficiency. By combining world-class technology with intelligent, risk-based onboarding, they can deliver affordable, simple and reliable services within a compliant ecosystem.”

The Compliance Forum will also feature an exhibition of AI-enabled anti-money laundering and counter-terrorist financing compliance systems. These demonstrations will let delegates engage with emerging technologies that can strengthen risk detection, monitoring, and reporting.

This Forum comes as artificial intelligence, automation, cybersecurity, third-party risk and diverging regulatory requirements place new demands on financial institutions. These developments reinforce the need for compliance approaches that reflect Africa’s regulatory, economic and institutional realities while drawing on global good practices.

ACF2026 will provide a platform for stakeholders to redefine compliance strategies for a changing financial environment and develop practical approaches that protect institutions while enabling more efficient movement of capital, goods and services across African borders.

For programme details and registration, visit ACF2026 (https://apo-opa.co/4iVtopG)

Distributed by APO Group on behalf of Afreximbank.

 




 

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Gas Exporting Countries Forum (GECF) Leadership Roundtable Brings Gas Producer Coordination to Paris

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Etu Energias

As African gas producers navigate rising domestic demand, global LNG competition and a renewed push for investment, the GECF Leadership Roundtable at the Invest in African Energy 2027 Forum will examine how greater coordination can support project development, market access and long-term gas monetization

PARIS, France, November 3, 2026/APO Group/ –Africa’s gas industry is entering a period in which cooperation between producing countries could become increasingly important. Demand is rising, LNG markets are being reshaped by geopolitical disruptions and new supply, while major gas developments across the continent continue to compete for capital.

 




  

Against this backdrop, the GECF Leadership Roundtable at the Invest in African Energy (IAE) Forum 2027 in Paris will bring the perspectives of gas-producing countries into a discussion focused on the commercial and strategic priorities shaping the sector.

The session comes as Africa continues to expand its role in global LNG markets. The GECF forecasts LNG exports from the continent to reach about 110 billion cubic meters (bcm), or 80 million tons per annum (mtpa), by 2030, rising to 215 bcm, or 160 mtpa, by 2050. The outlook spans producers including Algeria, Angola, Egypt, Equatorial Guinea, Mozambique, Mauritania, Senegal and Nigeria, while GECF projections point to growing LNG trade with Asia and within African markets.

Recent developments have reinforced the strategic value of that supply base. Tanzania’s long-delayed $42 billion LNG project has gained renewed attention as disruptions to Middle Eastern gas supplies have increased the value of diversified LNG sources, while ExxonMobil is advancing preparations for Mozambique’s Rovuma LNG project after years of delay.

For African producers, however, expanding exports is only one part of the equation. Domestic gas demand is rising at the same time that governments are seeking to use gas to improve electricity supply, support industrial development and create new revenue streams. That creates a need to balance export projects with domestic offtake, pipeline infrastructure, gas processing and gas-to-power development.

Coordination between producing countries can help address some of these challenges. Sharing experience on fiscal frameworks, project development, infrastructure and market access can help governments compete for investment while strengthening the case for regional gas infrastructure and cross-border trade.

The global market is also becoming more competitive. Reuters reported this month that gas and LNG infrastructure investment is expanding across multiple regions, with Asia accounting for the largest share of planned LNG import capacity. At the same time, disruptions to Middle Eastern supply have reinforced concerns around security of supply and increased the strategic importance of alternative producers. That creates an opening for African gas producers, but converting that opportunity into projects will require capital, infrastructure and credible long-term markets.

The GECF Leadership Roundtable at IAE 2027, taking place in Paris from May 11-13, will provide a senior-level setting to examine those issues alongside the investors and project developers needed to advance them. The wider forum is designed to connect African energy markets with global capital, with a focus on projects spanning gas, LNG, infrastructure and power.

For African gas producers, the question is how effectively its resources can be developed, connected to markets and converted into reliable energy and industrial growth. The Paris roundtable will put producer coordination at the center of that investment conversation.

Distributed by APO Group on behalf of Energy Capital & Power.

 

 




 

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Islamic Corporation for the Development of the Private Sector (ICD) and Open Bank Sign Expression of Intent for a Potential USD 10 Million Line of Financing in Uzbekistan

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Islamic Corporation

The EoI sets out the intent to establish a Shariah-compliant LoF facility of up to USD 10 million from ICD to Open Bank to be deployed for the onward financing of eligible private sector projects, including small and medium-sized enterprises (SMEs) and corporates operating in the Republic of Uzbekistan

JEDDAH, Saudi Arabia, November 1, 2026/APO Group/ –

  • ICD and JSC Open Bank (Uzbekistan) have signed an Expression of Intent for a potential Shariah-compliant Line of Financing facility of up to USD 10 million
  • The facility aims to channel funds to eligible private sector projects, including SMEs and corporates across Uzbekistan
  • The potential Line of Financing facility intends to support job creation and SME growth, contributing to broader economic development in Uzbekistan
  • Open Bank, a privately owned digital bank licensed by the Central Bank of Uzbekistan, will serve as the intermediary institution to channel the funds to private enterprises

 




 
 

The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-PS.org), the private sector arm of the Islamic Development Bank (IsDB) Group, and Joint Stock Company “Open Bank” (Open Bank) from Uzbekistan have signed an Expression of Intent (EoI) in Jeddah, Saudi Arabia, on 26 October 2026, for a potential Shariah-compliant Line of Financing (LoF) facility of up to USD 10 million, aimed at supporting eligible private sector projects in the Republic of Uzbekistan.

The EoI sets out the intent to establish a Shariah-compliant LoF facility of up to USD 10 million from ICD to Open Bank to be deployed for the onward financing of eligible private sector projects, including small and medium-sized enterprises (SMEs) and corporates operating in the Republic of Uzbekistan. The facility is designed to ensure that financing reaches productive segments of the economy in a manner consistent with Shariah principles and in line with the development objectives of ICD and Uzbekistan.

The intended facility reflects ICD’s commitment to expanding access to Shariah-compliant financial services in Central Asia. By working through Open Bank, a digitally oriented institution with a focus on retail and SME customers, the proposed LoF aims to direct resources toward businesses that can generate meaningful employment opportunities and contribute to sustainable economic growth in Uzbekistan. SME support of this nature plays an important role in strengthening the private sector and broadening economic participation across the country.

ICD’s development mandate centers on advancing private sector growth and improving livelihoods in its member countries through Shariah-compliant financing solutions. The intended LoF with Open Bank aims to contribute to job creation and SME support in Uzbekistan, outcomes that align with ICD’s broader objective of fostering inclusive and sustainable economic development across the IsDB Group’s member countries.

Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

 




 

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