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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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1 year ago

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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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Business

Frasers Hospitality unveils Fraser Suites Reserve, a new luxury serviced living brand

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20 minutes ago

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September 22, 2026

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Fraser Suites

Fraser Suites Reserve Bangkok starts welcoming guests at One Bangkok in December 2026
SINGAPORE – Media OutReach Newswire – 22 September 2026 – Frasers Hospitality, a business unit of Frasers Property, today announced Fraser Suites Reserve, a new luxury serviced living brand created for discerning global travellers seeking the privacy, ease and familiarity of home while away, complemented by the service and standards of luxury hospitality.

Building on Frasers Hospitality’s longstanding expertise and established track record in extended stays, Fraser Suites Reserve addresses a distinct segment at the luxury end of the market. Its introduction further sharpens the company’s portfolio of clearly differentiated brands.

 




 
 

“Fraser Suites Reserve represents the next strategic step in strengthening our portfolio,” said Eu Chin Fen, Chief Executive Officer, Frasers Hospitality. “It draws on our experience in long stays, while responding to the evolving expectations of an increasingly sophisticated segment of travellers accustomed to the world’s finest hospitality.”

Time for what matters

Fraser Suites Reserve is anchored in the belief that time is the ultimate luxury for today’s global professionals. Each property brings together refined design, intuitive service, curated wellness and lifestyle experiences intended to make life away from home easier, leaving guests free to focus on what matters most, whether their work, wellbeing, relationships or personal pursuits.

Designed as private sanctuaries within the city, its rooms are designed to offer privacy and calm. Many feature integrated kitchenettes, allowing guests to maintain familiar routines of home while away, an independence that becomes particularly valuable during longer stays. The experience is complemented by the discreet yet highly personalised service of luxury hospitality.

Beyond the rooms, guests can enjoy distinctive dining concepts, wellness and leisure experiences on property, as well as Club Frasers, a private lounge designed for conversation, connection and curated experiences.

“For guests accustomed to the highest standards, luxury service gives the assurance that every detail has been carefully thought through and every need understood,” said Chew Hang Song, Chief Operating Officer, Frasers Hospitality. “With Fraser Suites Reserve, this means providing an experience that feels immediately familiar and deeply human, supported by service that is warm and intuitive, yet respectful of their privacy.”

Wellbeing, made part of everyday

Holistic wellbeing is integrated into the Fraser Suites Reserve experience. At Fraser Suites Reserve Bangkok, the House of Rejuvenation will offer a dedicated environment for recovery and renewal, pairing therapist-led treatments with advanced wellness facilities such as thermal pools, cold plunges, compression therapy, dry flotation and red-light therapy.

Guests will also have access to The Wellness Edit, Frasers Hospitality’s proprietary global wellness programme. Through simple, repeatable everyday rituals that can be incorporated naturally into a guest’s stay, the programme is designed to integrate wellbeing with simple gestures, making wellbeing easier to sustain even amid demanding schedules and frequent travel.

Global debut at One Bangkok

Fraser Suites Reserve Bangkok, the brand’s first property, will begin welcoming guests in December 2026 as part of a phased opening. Its grand opening is planned for March 2027 when the complete range of facilities and experiences will be available.

The 255-room property will occupy the top ten floors of a 45-storey premium office and retail tower at One Bangkok, located right in the heart of Bangkok at the intersection of Rama IV Road and Wireless Road, with panoramic views of the Bangkok skyline and Chao Phraya River with easy access to Bangkok’s dining, entertainment and cultural attractions. Further details to be announced in the coming months.

Find out more about Fraser Suites Reserve at frasershospitality.com/en/our-brands/fraser-suites-reserve/

NOTE:
For more information, please visit www.frasershospitality.com.

About Frasers Hospitality
Frasers Hospitality is a leading investor-operator within the lodging sector, backed by 28 years of proven expertise. Frasers Hospitality specialises in optimising and managing hospitality assets to deliver sustainable value for its stakeholders. As a business unit of Frasers Property Limited, its presence spans Asia Pacific, Europe, the Middle East and Africa.

With a diversified portfolio of over 100 lodging assets across geographies and segments, Frasers Hospitality offers a comprehensive end-to-end ecosystem of bespoke lodging expertise and solutions to maximise performance, value and growth for its partners across the real estate value chain. Frasers Hospitality is a trusted expert and preferred partner within the lodging sector with a proven track record and a business model optimised to deliver value.

Frasers Hospitality is distinguished by its style of hospitality from their progressive mindset that fosters innovation and matched with an award-winning brand portfolio tailored to new ways of travelling, living and socialising. Recognised globally for our commitment to hospitality excellence, Frasers Hospitality has earned numerous industry accolades and awards, showcasing its leadership in delivering exemplary, quality services, and curating memorable, life-enriching experiences for its guests and residents – by people, for people.

For more information on Frasers Hospitality, please visit www.frasershospitality.com or follow us on LinkedIn.

About Frasers Property Limited
Frasers Property Limited (“Frasers Property” and together with its subsidiaries, the “Frasers Property Group” or the “Group”) is an integrated investor-developer-operator of real estate products and services. Listed on the Main Board of the Singapore Exchange Securities Trading Limited (“SGX-ST”) and headquartered in Singapore, the Group has total assets of approximately S$40.0 billion as at 31 March 2026.

Frasers Property operates across five asset classes: industrial & logistics, retail, commercial & business parks, residential and hospitality. Its businesses span Southeast Asia, Australia, Europe and China, and its well-established hospitality business owns and/or operates serviced apartments and hotels in 20 countries.

The Group is the sponsor of real estate investment trusts (“REITs”), Frasers Centrepoint Trust and Frasers Logistics & Commercial Trust, listed on the SGX-ST, as well as Frasers Property Thailand Industrial Freehold & Leasehold REIT and Golden Ventures Leasehold Real Estate Investment Trust, listed on the Stock Exchange of Thailand.

Guided by its purpose of inspiring experiences and creating places for good, the Group promotes an ESG framework that supports long-term value creation through focus areas such as transparent governance, sustainable finance, inclusive communities and reducing its carbon emissions. Frasers Property aims to deliver lasting shared value for its customers, people, investors and communities, while fostering a progressive, collaborative and respectful culture.

For more information on Frasers Property, please visit frasersproperty.com or follow us on LinkedIn.
 




 

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Energy

Building a Knowledge Hub for China-ASEAN Energy Cooperation

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5 hours ago

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September 22, 2026

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ASEAN

NANNING, CHINA – Media OutReach Newswire – 21 September 2026 – During the 23rd China-ASEAN Expo and the China-ASEAN Business and Investment Summit, China Southern Power Grid showcased a range of innovations designed to support energy cooperation between China and ASEAN. These included the DaWatt – Lao Language Large Language Model (LLM) for the Energy and Power Sector V2.0 and the Flexible Grayscale Intelligent Monitoring & Analysis Platform for power system cybersecurity, highlighting expanding opportunities for cooperation in digitalization, intelligent technologies and green energy.

The Lao-language LLM has been deployed at Electricité du Laos Transmission Company Limited (EDL-T), where it can automatically analyze thousands of inspection images within a short period of time. After its algorithms were optimized for Laos’ mountainous and rainforest terrain, the model completed intelligent inspection analysis for four transmission lines, processing 26,000 drone inspection images and identifying more than 3,600 equipment defects.

 




 
 

Liu Ying, general manager of the Digitalization Department at Guangxi Power Grid Co., Ltd., said the company has been building multilingual professional corpora for the power sector, covering ASEAN countries including Laos, Vietnam and Malaysia. Drawing on the capabilities of the DaWatt foundation model, the company is developing energy and power models tailored to ASEAN languages and real-world power industry applications.

Talent development is another focus of the cooperation. The China-ASEAN Institute of Energy, jointly established by Guangxi Power Grid Co., Ltd. and Guangxi University, is exploring an industry-university training model with a strong emphasis on practical experience. So far, two cohorts totaling 53 students from ASEAN countries have enrolled.

Cooperation is also evolving from one-way training toward joint innovation. Guangxi Power Grid Co., Ltd. and the Royal Academy of Cambodia have jointly established a laboratory for artificial intelligence and safety equipment, while the company has also launched peer-to-peer exchanges with Electricité du Laos on improving power supply reliability.

To address language barriers in cross-border technical exchanges, Guangxi Power Grid Co., Ltd. has developed an AI-powered translation platform backed by a specialized database containing terminology for more than 1,800 types of power equipment. The platform supports accurate translation between Chinese and English, Chinese and Lao, and Chinese and Vietnamese.

At a recent training program for Chinese and overseas engineers, the system supported one-click generation of bilingual course materials and real-time speech translation, helping participants navigate highly specialized power-sector terminology.

To support regular international exchanges, Guangxi Power Grid Co., Ltd. has also established an international talent pool covering management, technical and skilled personnel. It has developed 24 hours of courses on international affairs as well as 20 short-form video courses.

“This year, we will also explore joint postgraduate programs with universities in ASEAN countries,” said Sun Xiaohua, deputy director of the Human Resources Department at Guangxi Power Grid Co., Ltd.

Looking ahead, Guangxi Power Grid Co., Ltd. plans to further advance a development model featuring “R&D in Beijing, Shanghai and Guangdong, integration in Guangxi, and application in ASEAN.” The company will continue expanding its multilingual power-sector corpora and explore a “Token Goes Global” model for power-sector AI, with computing resources and models based in Guangxi while knowledge services are delivered overseas. The effort is aimed at creating new forms of China-ASEAN energy cooperation and supporting the green development of the China-ASEAN Free Trade Area 3.0.
 




 

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Events

24th Sichuan Guangwu Mountain International Red Leaf Festival to Showcase Asia’s Spectacular Autumn Colors

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6 hours ago

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September 22, 2026

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Red Leaf Festival

BAZHONG, CHINA – Media OutReach Newswire – 21 September 2026 – The 24th Sichuan Guangwu Mountain International Red Leaf Festival will run from October 1 to November 18 at the Guangwu Mountain Tourism Area in Bazhong, Sichuan Province, China.

Located in southwest China, Guangwu Mountain boasts a forest coverage rate of 97%, earning its reputation as a “natural oxygen bar.” Each autumn, 680 square kilometers of mountain forests burst into a dazzling palette. Over 40 tree species, including Fagus pashanica, maples and lindens, weave the mountains into a stunning autumn landscape.

Known as “Asia’s longest natural red carpet,” the Mountain has become a top autumn destination for backpackers, photographers and travelers seeking immersive cultural and nature experiences, and is widely recognized as one of western China’s signature autumn attractions.

 




 
 

The tourism area caters to international visitors who prefer slower-paced, in-depth, off-the-beaten-path travel. The new Yanziling Loop Boardwalk, launched in May 2026, winds along mountain cliffs, with a sea of clouds rolling beneath visitors’ feet and brilliant foliage unfolding alongside the trail, creating the feeling of “stepping into a painting.”

Guangwu Mountain offers a wealth of outdoor attractions. Highlights include the 1,888-meter Red Leaf Coaster and a glass water slide certified by Guinness World Record, combining thrilling experiences with stunning natural scenery.

The large-scale immersive production “New Dream of Guangwu Mountain” integrates cutting-edge light and visual technology with Bashan folklore and traditions, transforming the forest into an atmospheric nighttime experience. Visitors can also enjoy welcome performances and interactive robot activities, which offer more ways to discover the mountain’s late-autumn charm.

A major highlight of this year’s festival is the newly completed Micang Avenue. Stretching 85 kilometers, the route connects seven core scenic spots, including Guangwu Mountain, Micang Mountain, and Nuoshui River, reducing a four-hour drive to just one hour. Lined with continuous stretches of colorful forest and layered peaks, the avenue brings brand-new travel experiences for autumn foliage enthusiasts.

The festival will also feature cultural, sports and international exchange activities, including the third season of the “Sending You a Red Leaf” campaign, the China Micang Avenue International Road Cycling Race, and the “World Red Leaf Landmark” global collection campaign.

In addition, 31 scenic attractions and 18 museums and cultural venues across Bazhong will provide special ticket offers and visitor benefits during the festival.

Across mountains and seas, Guangwu Mountain invites visitors from around the world to witness one of China’s most vibrant red-and-gold autumn displays.
The issuer is solely responsible for the content of this announcement.
 
 




 

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