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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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Creative Africa Nexus (CANEX) WKND 2026 opens in Lagos, bringing together leading African and diaspora creatives, investors and policymakers

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The four-day gathering will convene leading voices from film, music, fashion, sport, publishing, gastronomy and business to advance trade, investment and commercial opportunities across Africa’s creative economy

LAGOS, Nigeria, November 5, 2026/APO Group/ –Creative Africa Nexus (CANEX) WKND 2026 has opened today in Lagos, bringing together leading creatives, investors, policymakers, business leaders and cultural figures from across Africa and the diaspora for four days of conversations, deal-making, performances, exhibitions and industry-focused sessions.

 




  

Hosted by the Federal Government of Nigeria and organised by African Export-Import Bank (Afreximbank) through its Creative Africa Nexus (CANEX) programme, this year’s event runs from 5 to 8 November under the theme “One People, United in Culture, Creating for the World.”

The 2026 programme spans film and television, music, fashion, sport, literature and publishing, gastronomy and visual arts, with a strong focus on finance, intellectual property, technology, skills, investment and market access.

Across the four-day programme, CANEX WKND will provide platforms for deal-making, industry dialogue and sector-specific engagement, including the CANEX Deal Room, with the aim of turning creative talent and ideas into stronger businesses, partnerships and commercial opportunities.

That ambition reflects the evolution of Afreximbank’s commitment to Africa’s creative and cultural industries in 2020, subsequently doubling this to US$1 billion before quadrupling the original commitment financing available to US$2 billion.

The expansion reflects Afreximbank’s wider objective of helping African creators and creative businesses build scalable enterprises, strengthen ownership of intellectual property and retain more of the economic value generated by African culture and creativity.

The opening ceremony is expected to feature addresses by Ministers of Culture and Creative Industries across 11 African countries, Dr George Elombi, President and Chairman of the Board of Directors of Afreximbank, H.E. Dr Olajumoke Omoniyi Oduwole, Nigeria’s Minister of Industry, Trade and Investment, H.E. Wamkele Mene, Secretary-General of the African Continental Free Trade Area Secretariat, and H.E. Babajide Sanwo-Olu, Governor of Lagos State among other dignitaries.

The programme will bring together some of Africa and the diaspora’s most influential cultural and industry figures. Participants include Nobel Laureate, writer and playwright Professor Wole Soyinka; Emmy Award-winning actor Uzo Aduba; filmmaker and actor Funke Akindele; actors Richard Mofe-Damijo and Thuso Mbedu; former professional footballers Didier Drogba and Jay-Jay Okocha; alongside leading figures from Africa’s music, film, fashion, sport and creative business sectors.

The event will also include performances and appearances from musicians and entertainers such as Davido, Fally Ipupa, Flavour, Libianca and Charlotte Dipanda, reflecting CANEX WKND’s combination of industry engagement with live cultural programming.

Beyond the headline names, the programme places a strong emphasis on the business of Africa’s creative economy.

On 6 November, a high-level conversation titled “One Market, One Culture: Building the Creative Economy of Global Africa” will examine the steps required to convert the growing global influence of African culture into stronger creative businesses, exports and investment. Speakers include Professor Wole Soyinka; ministers responsible for culture and the arts from Côte d’Ivoire, South Africa and Rwanda; International Finance Corporation representatives; and from Afreximbank.

Financing will also be central to the programme. The Creative Economy Finance Summit, presented by Afreximbank in partnership with the Creative Economy Practice at Co-Creation Hub, will bring financial institutions and investors together to examine how creative-economy transactions can be structured, financed and de-risked.

CANEX Creations Inc. will lead discussions on unlocking investment in African intellectual property, while the CANEX Deal Room and Creative Pitch Sessions will connect creative entrepreneurs directly with financiers and investors considering opportunities across film and television, music, fashion, sport, publishing, gastronomy, visual arts and creative infrastructure. Technology and the changing economics of creative production will feature prominently. Sessions will examine artificial intelligence, authorship and intellectual property; the use of technology to reshape creative businesses; and how African creators can use digital tools to develop globally competitive products.

The CANEX CreaThon, delivered with pan-African technology company Gebeya, will bring creators, developers and innovators together around projects in music, video and gaming, supported by African-built digital tools, mentorship, computing resources and a US$50,000 prize pool. Film and television programming will explore both storytelling and the commercial infrastructure required to take African content to wider audiences. Sessions include “Stories Without Borders: Africa, Hollywood & the Global Diaspora”, featuring former Afreximbank President Professor Benedict Oramah, and “Made in Africa, Watched in Africa”, which will examine research into film distribution, audiences and financing across Egypt, Kenya, Nigeria, Rwanda, Senegal and South Africa.

Sport will form another major strand of CANEX WKND 2026. Discussions will examine athlete development, management, commercialisation and the links between sport and the broader creative economy. Didier Drogba and Jay-Jay Okocha are scheduled to participate in “When Giants Speak: The Business of the Game,” while the weekend will conclude with a Legends Football Match at Onikan Stadium on 8 November. Fashion programming will include masterclasses on building profitable African brands, textile value chains, market access and intellectual property, alongside the CANEX Fashion Show and Awards Night.

In gastronomy, the CANEX Junior Chefs Competition, Africa Jollof Wars Competition and a series of live demonstrations and conversations will explore how African food, ingredients and culinary traditions can become stronger commercial propositions across domestic, continental and global markets. Publishing and literature will feature through the CANEX Book Factory, Book Fair, writers’ workshops, manuscript pitching and the CANEX Prize for Publishing, while visual arts programming will combine exhibitions, collector engagement and practical sessions for artists navigating Africa’s growing art ecosystem.

On 7 November, CANEX WKND 2026 will host a major concert bringing together artists from across Africa and the diaspora, before the programme continues into its final day on 8 November with cultural excursions, gastronomy activities, the CANEX Music Factory Songwriting Camp and the Legends Football Game.

Distributed by APO Group on behalf of Afreximbank.

 




 

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Coca-Cola system invests USD 1.22 million to strengthen water security in Namibia

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The initiative represents a nearly USD 25 million investment focused on helping address critical water-related challenges across 20 African countries by 2030

WINDHOEK, Namibia, November 5, 2026/APO Group/ –As Namibia continues to face recurring droughts and growing water demand, the country’s water resources are under increasing pressure. Windhoek is situated in one of the most water-stressed regions in sub-Saharan Africa, where low and unpredictable rainfall, combined with high evaporation rates, continues to challenge water availability and long-term water security.[1]

 




  

To help address these shared water challenges, the Coca-Cola system is investing USD 1.22 million in the //Gam-i Swakop Basin Resilience Project, designed to help strengthen water security and support ecosystem restoration in the Swakop River Basin, a vital water source for the city of Windhoek and surrounding communities.

The //Gam-i Swakop Basin Resilience Project aims to support improved water availability and help strengthen the resilience of the Swakop River Basin through nature-based solutions that support sustainable water resource management across the catchment area.

Implemented in collaboration with the Global Water Challenge (GWC) and World Wildlife Fund (WWF) Namibia, the project includes the construction of two sand storage dams, restoration of 235 hectares of land through the clearing of invasive alien plants, and the planting of 750 trees in river buffer zones and environmentally degraded areas within Windhoek’s informal settlements. In addition, two boreholes will be drilled to support groundwater recharge in the Windhoek aquifer, and a water resilience action plan has been developed.

Through the Africa Water Stewardship Initiative, the system aims to help protect important watersheds and to improve access to water and sanitation in local communities

This work forms part of the Coca-Cola system’s Africa Water Stewardship Initiative, launched in 2024. The initiative represents a nearly USD 25 million investment focused on helping address critical water-related challenges across 20 African countries by 2030.

“Because water challenges are local, our approach to water security is focused on local action and collaboration,” said Alfred Olajide, Vice President of East and Central Africa Operations at Coca‑Cola. “The Coca‑Cola system remains focused on helping to promote water stewardship, increasing water use efficiency, and treating and returning safe water to communities.”

Henry Friedrich, General Manager of Coca-Cola Namibia Bottling Company (CCNBC) added: “As part of the Coca-Cola Beverages Africa group, we have a responsibility to assist those who face water scarcity and to help protect local water resources where we operate, especially in places with the biggest challenges. Through the Africa Water Stewardship Initiative, the system aims to help protect important watersheds and to improve access to water and sanitation in local communities.”

WWF Namibia Country Director, Dr Juliane Zeidler, said: “Water is one of Namibia’s most precious and increasingly vulnerable resources. This project is an opportunity to demonstrate how investing in healthy ecosystems can deliver tangible benefits for people, while also helping communities become more resilient to future climate pressures. We hope the lessons and partnerships developed through this initiative can inform similar approaches elsewhere in the country.”

“Collaboration is essential to addressing shared water challenges effectively. Coca-Cola and its authorised bottlers continue to work with governments, businesses, and civil society organisations to design and implement strategic interventions,” concluded Olajide.


Distributed by APO Group on behalf of Coca-Cola Beverages Africa.

 

 




 

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‘Power, Protect, Purchase’: Africa Made It unveils blueprint to capture USD 34B in GDP and accelerate African industrial sovereignty

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Africa Practice research shows that Africa exports up to 98% of its raw cotton overseas and captures only 2% of its total value while incurring a USD 35 billion annual trade deficit

African culture, design, and storytelling influence global fashion, music, and media like never before

LAGOS, Nigeria, November 5, 2026/APO Group/ –Africa Made It (https://AfricaMadeIt.co/), the continental movement driving Africa’s industrial sovereignty, today officially launched its campaign, “Power, Protect and Purchase,” at the CANEX weekend in Lagos, Nigeria. Aimed at unlocking USD 34 billion in annual GDP contribution through a structural transition from unprocessed raw cotton exports to end-to-end local garment processing, the initiative seeks to turn Africa’s vast natural wealth into sovereign, self-sustaining economic power.

 




  

Africa Made It is driven by a consortium of leading pan-African organisations, advocacy groups, and media organisations who are positioning Africa as a global investment hub. Its flagship campaign, spotlighting the fibre-to-fashion value chain, presents a clear roadmap for continental industrialisation: securing competitive energy power for local industrial mills, enacting policy measures to protect emerging domestic manufacturers from unfair foreign imports, and rallying African consumers to purchase locally manufactured apparel. Together, these three pillars ensure that value created from African resources remains on African soil.

 

Africa Practice research shows that Africa exports up to 98% of its raw cotton overseas and captures only 2% of its total value while incurring a USD 35 billion annual trade deficit.  Building the continent’s domestic processing capacity in spinning, weaving, and sewing locally produced cotton will sustain nearly two million permanent industrial jobs and inject approximately USD 33 billion directly into domestic household incomes every year, in addition to a recurring contribution of USD 34 billion to the continent’s GDP.

 

While these figures reveal the immense macro-economic potential of the value chain, the true heart of this transformation lies in its human impact. Industrial wages and local lint purchases leading to increased capital circulation in rural communities can drive community micro-economic vitality and contribute to rural poverty reduction. Additionally, formal employment opportunities can expand drastically for women, as they currently make up between 70-90% of garment factory workers on the continent.

 

Realising this vision and changing the lives of millions of people requires a deliberate combination of targeted investments, supportive trade policies, and consumer mobilisation. A USD 1.8 billion capital allocation toward critical structural enablers for garment transformation is the foundation for bridging Africa’s missing middle in the fibre-to-fashion value chain.

 

Marie Wilke, editor-in-chief of the Africa Made It magazine, said, “African culture, design, and storytelling influence global fashion, music, and media like never before. Yet, without domestic manufacturing infrastructure, Africa’s creative authority yields very little economic return. Linking raw cotton harvest directly to local processing ensures that the intellectual property, commercial margins, and industrial jobs remain on the continent. It is time to wear our power.”

 

To learn more about the potential of Africa’s fibre to fashion value chain, watch the campaign video (https://apo-opa.co/4BKAIvY) or read the Africa Made it (https://apo-opa.co/4zvA5VF)magazine (https://apo-opa.co/4zvA5VF). Access the campaign website and resources in English (https://apo-opa.co/4zvA5VF) and French (https://apo-opa.co/4zrK8e2).

Distributed by APO Group on behalf of Africa Made It.

 

 




 

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