Net interest income reached US$1.4 billion at the end of the 2023 financial year, compared to US$910.3 million in 2022
Our focus is steadfast on fueling industrial growth, boosting trade within Africa, and promoting exports with added value, which are crucial for the continent’s prosperity
CAIRO, Egypt, April 5, 2024/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 2023.
Largely propelled by the Bank’s and its subsidiaries’ growth, the Group’s results for the financial year ended 31 December 2023 demonstrate a strong and resilient performance, surpassing prior year results and well ahead of expectations. The Bank remained steadfast in implementing its 6th Strategic Plan and delivering value to stakeholders, and this resulted in the Group ending the year, once again, achieving a solid performance and attaining an exceptional financial position.
It is noteworthy that this performance has been enhanced by the Group’s ability to successfully execute its four strategic pillars focused on “Promoting Intra-African Trade,” “Facilitating Industrialization and Export Development,” “Strengthening Trade Finance Leadership” and “Improving Financial Performance and Soundness”.
Net interest income reached US$1.4 billion at the end of the 2023 financial year, compared to US$910.3 million in 2022. The 58.67% increase was driven by the growth in interest income, which in turn was driven primarily by the growth in the Bank’s portfolio of loans and advances. Net Interest Margin grew to 4.96% compared to the prior year’s level of 3.83%.
Due to global inflationary pressures and investment in human capital to support increased business activities, the Group’s total operating expenses were US$304.5 million, 34.93% higher than in 2022. The capacity expansion and rise in expenditures were envisaged in the five-year Sixth Strategic Plan, which is currently under implementation until December 2026.
The Group’s Total assets grew by 20.12% to US$33.5 billion (FY2022: US$27.9 billion), largely on account of increases in net loans and advances to customers and cash and cash equivalents.
The Group Shareholders’ funds, which largely mirrored the Bank’s Shareholders’ funds, recorded a solid growth of 17.55% to reach US$6.1 billion as of December 31, 2023, compared to the FY’2022 position of US$5.2 billion. Accounting for this growth were the US$546.8 million retained income (which is net of appropriated 2022 dividends) and the US$349.8 million fresh equity raised during the year as shareholders supported the GCI II programme, which aims to raise US$2.6 billion paid-in-capital (US$3.9 billion callable capital) by 2026.
Mr. Denys Denya, Afreximbank’s Senior Executive Vice President, commented:
“During the 2023 financial year, the Afreximbank Group exceeded the budget and significantly surpassed its 2022 performance. This outcome was mainly driven by the Bank’s and its subsidiaries’ achievements. Our focus is steadfast on fueling industrial growth, boosting trade within Africa, and promoting exports with added value, which are crucial for the continent’s prosperity. We will continue to maintain a cautious balance between profitability, liquidity, and safety to ensure a decent net interest margin and deliver profitable and sustainable growth and quality assets. We are delighted to report results well above forecasts for the financial year ended 31 December 2023, and look forward to delivering stronger financial outcomes in 2024.”
In 2023, the Bank was ranked number one in all three categories in the Bloomberg Capital Markets League Tables Report for African Capital Markets – number one Mandated Lead Arranger, Bookrunner and Administrative Agent for Sub-Saharan Borrower Loans. This is a testament to the Bank’s leadership role in facilitating capital from within and outside the continent.
Additionally, its subsidiary, the Fund for Export Development in Africa (FEDA), received multilateral support from Zimbabwe, Kenya, Congo, Chad, Gabon, Sierra Leone, and São Tomé and Príncipe, who officially signed the FEDA Establishment Agreement. This collective support is pivotal in the Bank’s mission to provide lasting financial support to African economies.
The Bank also celebrated a key milestone — its 30th anniversary, marking three decades of financing and supporting trade in Africa and highlighting the need for Africa to enhance intra-African trade and integration amidst the challenges stemming from the global shocks caused by the COVID-19 pandemic, the adverse economic ramifications of the Ukraine crisis, and other global conflicts.
Moreover, the Bank inaugurated its Afreximbank Caribbean Office, a pivotal step in supporting the implementation of the Partnership Agreement between Afreximbank and the Caribbean Community (CARICOM) member states. This expansion solidifies Afreximbank’s commitment to promote and develop trade between Africa and the Caribbean, aligning with its Diaspora Strategy and the African Union’s designation of the African Diaspora as Africa’s sixth region.
Despite Africa’s economic challenges and constraints, Afreximbank’s management and team demonstrated a focus on supporting member countries by offering customized programmes and facilities designed to address the continent’s distinctive needs. These efforts and interventions assisted member countries in meeting trade finance commitments, assessing crucial imports, boosting food security and commodity production, alleviating supply chain bottlenecks, and adjusting to challenges arising from climate change.
Highlights of the results for the Group and Bank are shown below:
Financial Metrics
FY-2022
FY-2023
Gross Income (US$ billion)
1.50
2.62
Operating Income (US$ billion)
1.03
1.60
Net Income (US$ billion)
455.3
756.1
Total Assets (US$ billion)
27.86
33.47
Total Liabilities (US$ billion)
22.66
27.35
Shareholders’ Funds (US$ billion)
5.21
6.12
Net asset value per share
US$58,500
US$63,683
FY-2022
FY-2023
Profitability Return on average assets (ROAA) Return on average equity (ROAE)
1.87% 9.91%
2.56% 13.31%
Operating Efficiency Net interest margin Cost-to-income ratio
3.83% 21.88%
4.96% 19.09%
Asset Quality Non-performing loans ratio (NPL)
3.40%
2.47%
Liquidity and capital adequacy Cash/Total assets Capital Adequacy ratio (Basel II)
14.71% 27.62%
16.80% 23.77%
Distributed by APO Group on behalf of Afreximbank.
The African Energy Chamber welcomes Perenco Cameroon and Perenco Gabon’s partnership with UCAC-ICAM to launch an Industry 4.0 lab, advancing local skills development and strengthening Africa’s industrial future
JOHANNESBURG, South Africa, April 9, 2026/APO Group/ –A new partnership between Perenco Cameroon, Perenco Gabon and the UCAC-ICAM Institute in Douala to establish an Industry 4.0 laboratory marks a significant step toward aligning academic training with the evolving needs of the energy and industrial sectors. The facility will give students access to advanced automation, digital simulation and smart production technologies, helping close the gap between academic learning and the practical, industry-ready skills required across Central Africa’s industrial landscape.
As the voice of Africa’s energy sector, the African Energy Chamber (AEC) welcomes the initiative as a scalable model for local content development. By equipping students with Industry 4.0 capabilities, the laboratory directly supports the Chamber’s mandate to ensure greater in-country value creation and workforce participation across Africa’s energy value chain. The initiative also addresses critical skills shortages, enabling operators to increasingly rely on locally trained talent.
Developing local skills is fundamental to building a competitive and sustainable energy sector in Africa
The partnership underscores Perenco’s long-term commitment to sustainable development and capacity building in Cameroon and Gabon. Designed as a mini-factory, the UCAC-ICAM laboratory enables students to engage with real-world industrial tools and processes. This hands-on approach will support the development of engineers and technicians capable of contributing to key projects, including operations in the Rio del Rey Basin and infrastructure developments such as the Cap Lopez LNG terminal in Gabon.
Students across multiple disciplines will benefit from hands-on exposure to the lab’s advanced technologies. General Engineering students will train using robotic systems and virtual reality simulations, while Computer Science Engineering students will focus on industrial IoT and smart technologies. Process Engineering students will gain experience in automated production systems, and Petroleum program students will develop expertise in energy systems and instrumentation control. Graduates from UCAC-ICAM are being actively recruited by leading companies operating in Douala, reflecting growing demand for locally trained, industry-ready talent.
“Developing local skills is fundamental to building a competitive and sustainable energy sector in Africa,” says NJ Ayuk, Executive Chairman of the AEC. “This partnership demonstrates how industry and academia can work together to create a highly skilled workforce that will drive Africa’s industrialization and energy future. It is exactly the type of initiative needed to ensure Africans play a leading role in developing the continent’s resources.”
The UCAC-ICAM laboratory represents a strategic investment in Africa’s industrial and energy future. By strengthening local capacity, advancing technology adoption and supporting independent operators, the initiative aligns with the AEC’s broader vision of a self-sufficient and globally competitive African energy sector.
Distributed by APO Group on behalf of African Energy Chamber.
STS Association and DLMS User Association sign landmark Liaison Agreement to advance interoperable, secure and future-ready metering systems
CAPE TOWN, South Africa, April 9, 2026/APO Group/ –The recent Liaison Agreement between the STS Association and the DLMS User Association marks a pivotal step in the evolution of interoperable, secure and future-ready metering systems. By aligning STS token technology with the widely adopted DLMS/COSEM framework, this collaboration is set to bridge the gap between legacy infrastructure and next-generation smart metering. The partnership reflects a shared vision to enhance interoperability, strengthen smart prepayment integration, and unlock greater value across the global metering ecosystem.
STS Association, in partnership with ESI Africa (part of VUKA Group), and DLMS User Association, is hosting a free webinar on this topic:
Industry experts will unpack how this strategic alignment enables seamless integration between your trusted prepayment systems and advanced data exchange protocols. Attendees will gain insight into:
How STS tokens can be securely transported using DLMS/COSEM
The role of Generic Companion Profiles in enabling interoperability
How coordinated roadmaps will shape the future of token technology and smart metering
The expanding application of these standards beyond electricity into water, gas and time metering
Practical benefits for utilities, manufacturers and system integrators navigating the transition from legacy to smart environments
Introducing the Panel
Lance Hawkins-Dady – STSA Board Chairman
Franco Pucci – STSA Technical Consultant
Don Taylor – STSA Independent Director
Sergio Lazzarotto – DLMS User Association, President
Join STS Association and ESI Africa to explore how this landmark collaboration is securing the bridge between legacy systems and smart innovation. Discover how aligned standards can simplify integration, enhance security and future-proof your metering strategy.
The upcoming African Mining Week 2026 – taking place from October 14-16 in Cape Town – will connect global investors with prospects within the lithium industry amidst an anticipated resource supply deficit by 2028
CAPE TOWN, South Africa, April 9, 2026/APO Group/ –Rising demand for lithium is positioning Africa to attract foreign investment, accelerate local beneficiation and strengthen its role in securing the global battery supply chain. A recent forecast by Wood Mackenzie projects that global lithium demand could exceed 13 million tons by 2050 under an accelerated energy transition scenario. This surge is expected to place significant pressure on supply, with deficits emerging as early as 2028. Without substantial new investments, existing lithium projects will struggle to meet demand beyond the mid-2030s.
Against this backdrop, Africa’s growing pipeline of greenfield and development-stage lithium projects positions the continent as an increasingly important contributor to global supply security. In 2025, Africa ranked as the largest source of new lithium supply globally, with new output from the region exceeding that of the rest of the world combined. This milestone underscores the continent’s potential to scale production and strengthen its role in the global battery minerals market.
Even under a slower energy transition scenario, Wood Mackenzie projects that lithium markets will remain adequately supplied until 2037, before entering deficit. This outlook reinforces Africa’s strategic role as new projects across Mali, Zimbabwe, Ghana and Namibia advance toward production.
In the Democratic Republic of the Congo (DRC), Zijin Mining, AVZ Minerals and KoBold Metals are expected to begin operations at the Manono lithium project in mid-to-late 2026, marking the country’s first lithium output. Ranked among the world’s largest hard-rock lithium deposits, Manono is expected to begin exports shortly after commissioning, diversifying DRC’s mineral output while strengthening the continent`s contribution to the global electric vehicles and battery supply chain.
Mali Emerges as a Regional Lithium Hub
Mali is also rapidly positioning itself as a key lithium producer. The Bougouni Lithium Project, commissioned in 2025, currently produces approximately 125,000 tons per annum of concentrate, with Phase Two expansion plans underway that could nearly double production capacity.
Meanwhile, the Goulamina Lithium Project, one of the largest spodumene deposits globally, is producing around 506,000 tons of spodumene concentrate annually, with expansion plans targeting one million tons per year. Together, these projects are expected to significantly strengthen Mali and Africa’s position within the global lithium market.
Ghana and Zimbabwe Expand Lithium Production and Value Addition
In Ghana, the Ewoyaa Lithium Project, developed by Atlantic Lithium, is set to become the country’s first lithium-producing mine, with production targeted for late 2027. The project is expected to produce 3.58 million tons of spodumene concentrate grading 6% and 5.5%, alongside approximately 4.7 million tons of secondary product, further strengthening Africa’s contribution to global lithium supply.
Meanwhile, Zimbabwe – currently Africa’s largest lithium producer – is accelerating efforts to move up the value chain. Government policies restricting the export of raw lithium are encouraging investment in local processing and beneficiation facilities, supporting the production of higher-value lithium products and positioning the country as a key supplier to the global battery materials market.
Investment Momentum Builds Ahead of African Mining Week
With an estimated $276 billion in new investment required to avoid the forecast supply deficits beginning in 2028, Africa’s lithium-rich countries are well positioned to attract the capital needed to expand production and downstream processing.
In this context, African Mining Week 2026 – scheduled for October 14–16 in Cape Town – will serve as a key platform for global investors, project developers and policymakers to engage on opportunities within Africa’s lithium sector. As the continent’s premier mining investment event, the conference will feature high-level discussions, project showcases and strategic networking sessions aimed at accelerating partnerships across the lithium value chain.
Distributed by APO Group on behalf of Energy Capital & Power.
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