Afreximbank by Joseph Michel

Trade Finance Bank forAfrica

The

African Export-Import Bank

TABLE of

CONTENTS

Introduction------------------------------------------------------------------------------------------------------------------------------------------------------------------- 02 Shareholding Structure---------------------------------------------------------------------------------------------------------------------------------------- 04 Regional Presence----------------------------------------------------------------------------------------------------------------------------------------------------- 06 Operating Model--------------------------------------------------------------------------------------------------------------------------------------------------------- 08 Products----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 10 Line of Credit Programme------------------------------------------------------------------------------------------------------------------------- 12 Syndications Programme--------------------------------------------------------------------------------------------------------------------------- 13 Note Purchase Programme----------------------------------------------------------------------------------------------------------------------- 14 Financial Future Flow Pre-Financing Programme--------------------------------------------------------------- 15 Direct Financing Programme------------------------------------------------------------------------------------------------------------------ 16 Project Related Financing Programme------------------------------------------------------------------------------------------- 17 Asset-Backed Lending Programme---------------------------------------------------------------------------------------------------- 18 Receivables Purchase/Discounting Programme-------------------------------------------------------------------- 19 Special Risk Programme----------------------------------------------------------------------------------------------------------------------------- 20 Country Programme--------------------------------------------------------------------------------------------------------------------------------------- 21 Carbon Financing Programme--------------------------------------------------------------------------------------------------------------- 22

Investment Banking Programme--------------------------------------------------------------------------------------------------------- 23 ECA Loans Facilitation Programme--------------------------------------------------------------------------------------------------- 24 Afreximbank Construction/Tourism- Linked Relay Facility (CONTOUR)-------- 25 African Correspondent Banking and Letter of Credit Confirmation Facility (AFRICORRBANKING)--------------------------------------------------------------------------------------------------------------- 26 Statement of Financial Position, 2007 - 11----------------------------------------------------------------------------------------- 28 Statement of Comprehensive Income, 2007 - 11--------------------------------------------------------------------------- 30 Key Strengths of the Bank --------------------------------------------------------------------------------------------------------------------------------- 32 Cooperations/Initiatives------------------------------------------------------------------------------------------------------------------------------------- 34 Awards-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 35

INTRODUCTION

AFREXIMBANK â&#x20AC;˘ THE TRADE FINANCE BANK FOR AFRICA

freximbank was established in October 1993 as a Pan-African Exim-Bank with a mission to stimulate a consistent expansion, diversification and development of African trade while operating as a first class, profit-oriented financial institution and a centre of excellence in African trade matters. The Mandate of the Bank is to finance and promote Intra- and Extra-African Trade using three broad services:

Credit (Trade and Project Financing)

Risk Bearing (Guarantees and Credit Insurance)

Trade Information and Advisory Services.

The Bank is a unique institution with two constituent instruments, namely: The Establishment Agreement signed by Participating States and Multilaterals and which confers on the Bank the status of an international organization registered by the United Nations (acc. to article 102 of the U.N. Charter); annexed the Charter of the Bank which governs the operations of the bank.

The Headquarters Agreement between Afreximbank and the Arab Republic of Egypt which connects the multilateral agreement with the legal jurisdiction in which it operates.

SHAREHOLDING STRUCTURE

Shareholding was structured to create an African (75% A & B Shareholding), Private Sector-led (65% B & C Shareholding) Bank.

The Bank’s authorised share capital is US$750 million, the nominal value of 75,000 ordinary shares of a par value of US$10,000.

Target Shareholder Structure

Of the Bank’s subscribed capital of US$423.08 million, paid up capital amounted to US$191.96 million (including share premium) at the end of December 2011.

Of this, 42,308 (56%) had, by the end of December 2011, been subscribed by 124 shareholders.

The Bank’s membership and capital structure is made up of three categories of shareholders as follows:

Class ‘A’

40 Shareholders (accounting for 63.9% of subscribed share capital), comprising 17 African governments, 18 African Central banks and five regional and sub-regional institutions, including the African Development Bank.

Class ‘B'

71 Shareholders (25.9% of subscribed share capital), including 50 commercial banks in 18 countries, 3 insurance companies, and 18 public and private companies.

Class ‘C’

13 Shareholders (10.16% of current share capital), comprising international financial institutions, economic organizations and non African financial institutions and public and private investors. These include reputed international financial institutions such as Citibank N.A., Standard Chartered Bank, U.K., HSBC Bank plc, LBBW, KBC and Sumitomo Bank Ltd as well as major ECAs and DFIs, such as EXIM China, EXIM India, and BADEA.

AFREXIMBANK • THE TRADE FINANCE BANK FOR AFRICA

Cairo, Egypt Headquarters

REGIONAL PRESENCE Main responsibilities of the branches of Afreximbank are:

 To generate businesses within their areas of coverage;

 Relationship management to ensure customer retention;

 Further improve relationship with host country; and  Loan monitoring and agency functions, while ensuring portfolio diversification and expansion of trade within and outside the continent.

Abuja, Nigeria Branch

Harare, Zimbabwe Branch

AFREXIMBANK • THE TRADE FINANCE BANK FOR AFRICA

OPERATING MODEL

ur Strength is our Operating Model which O is focused on:

Structured Trade Finance

Dual Recourse Facilities

Structured trade Finance has been defined as:

The art of transferring Risk in Financing Transactions from Parties less able to Bear those Risks to those more equipped to bear them in a manner that ensures Automatic Reimbursement of Advances from the Underlying transaction Assets.

Thus, it encompasses:

“Any structure whereby certain assets (inventory, contract, export receivables etc) with more or less Predictable cash-flows can be isolated from the originator, Pledged (Sold, leased etc) and used to support the Financing being raised (as collateral and/or source of reimbursement or repayment) or to substitute it”.

tructured Trade Finance is easily applied because S risks in trade transactions are:

Structured SeparableTrade Finance

Structured Trade Finance Essentially Exhaustive

Structured Trade Finance Transferable And Therefore Structured Trade Finance Can Be Mitigated

The above characteristics form the Foundation of Structuring.

Dual Recourse Facilities

The Bank lends to a corporate against the guarantee of an acceptable bank or large corporate. The Bank hereby benefits from the nearness of a local bank to an underlying borrower in monitoring the loan, and extends recourse to all the parties in a deal.

Benefits of the Structured Finance Approach Transfer of source of repayment from African Entity to OECD countries and Banks/ Creditworthy buyers thereby enhancing the credit through mitigation of commercial and country risks. Many deals have been done even for very poor quality borrower which would not have been done otherwise and have operated without difficulty. The foundation of our successes in Zimbabwe even at its time of greater difficulty. Some similarly structured transactions in other countries have been rated and actually pierced the country rating ceiling.

It is for this reason that OECD banks do not require that banks engaged in such deal structures provide for them whereas 100% risk weight are required for others. Special treatment is also given under Basle II.

AFREXIMBANK • THE TRADE FINANCE BANK FOR AFRICA

AFREXIMBANK PRODUCTS

US$959 Million Loans Outstanding at end of 2011

34%

Of Loans Outstanding

LINE OF CREDIT PROGRAMME

SYNDICATIONS PROGRAMME

This programme was established to assist small and medium-sized African traders (exporters and importers with trade turnover of less than US$ 10 million and a balance sheet size of no more than US$ 2 million)) whose trade turnover would not qualify them for Afreximbank’s Direct Financing Programme. The Programme enables the Bank to provide funded and unfunded credit lines to banks designated as the Bank’s Trade Finance Intermediaries (TFIs) for on-lending to small-and medium-sized African traders.

Through this programme, the Bank arranges or joins a syndicate or club of reputable international and/or African banks in providing financing to African entities in trade or export project-related activities.

Under the Programme, the Bank operates several facilities namely, (i) Funded trade (Export-Import) Facility; (ii) Pre-and Post-Export Financing Facility; (iii) L/C Confirmation and Refinancing Facility; and (iv) Re-imbursement Guarantee Facility.

During 2011, credit facility approvals in favor of the Bank's TFIs rose about 29% year-on-year to US$1.62 billion . Further, Loans outstanding under the programme also rose by 109% year-on-year to US$959 million to account for the largest share of 40.5% of the bank's loan portfolio. The level of activity under this Programme is expected to remain high over the near-to medium-term.

As part of its activities, the Bank participates, or invites other banks to join it, in funding relevant transactions. The Programme accounts for a significant proportion of the Bank’s disbursements as it represents an important instrument used by the Bank in leveraging external financing into Africa.

This Programme helps Afreximbank to leverage private capital into Africa as noted previously. Major Borrowers under this Programme are major private sector African counterparties/parastatals whose credit risk are acceptable to international banks through careful deal structuring. In 2011, the level of approvals under the Programme increased by a marginal 1.3% year-on-year to US$ 953 million. Loan outstandings under the Programme also increased by 65% to US$ 799 million to account for a share of 34% of the Bank’s loan portfolio at the end of 2011. Activity under this programme is expected to remain strong in 2012.

AFREXIMBANK • THE TRADE FINANCE BANK FOR AFRICA

5.4%

Of Loans Outstanding

NOTE PURCHASE PROGRAMME Through this Programme, the Bank provides financing to corporates by purchase of Promissory Notes or similar instruments issued or accepted by them and in some cases avalized or guaranteed by acceptable banks or corporates(Dual-Recourse). Approvals under the programme increased by 257% from a level of US$28 million in 2010 to US$100 million in 2011. The programme also accounted for a share of 5% of the bank's loan assets at the end of 2011. Activity under this programme is expected to remain firm.

4.5%

Of Loans Outstanding

FINANCIAL FUTURE FLOW PREFINANCING PROGRAMME Financial future-flow transactions refer to future-flow debt offerings that rely upon receivables not generated from export of physical goods for repayment. Such receivables include those arising from credit cards and cheque transactions, migrant remittances and royalties arising from Bilateral Air Services Agreements (BASA),over flight fees, etc. Loans outstandings under this programme reached US$ 108 million to account for a share of about 4.6% of the bank's loan portfolio at the end of 2011.

AFREXIMBANK • THE TRADE FINANCE BANK FOR AFRICA

11%

Of Loans Outstanding

DIRECT FINANCING PROGRAMME The Bank’s credit policies allow it to lend directly to entities with a balance sheet size of at least US$2 million and an annual trade turnover of not less than US$10 million. The financing provided is usually short term and trade related. Lending under the programme is limited to a maximum of 75-80% of the value of the underlying sales contract for pre-and post-export financing and 70% for import financing and letter of credit confirmations. Loans outstanding under the Programme stood at about US$258 million at the end of 2011, representing about 11% of the bank's loan portfolio.

Increased activity under this programme reflected the switch of top corporates to the bank as a funding source given the withdrawal of many international banks from African trade finance as a result of the global financial crisis. Activity under the programme is forecast to grow steadily over the medium term.

Of Loans Outstanding

PROJECT-RELATED FINANCING PROGRAMME The purpose of the programme is to develop Africa’s export manufacturing capacity by supporting the import of necessary equipment needed by African export manufacturers. It is also aimed at assisting African governments and their agencies in the execution of essential projects that facilitate exports. Facilities are provided on a limited recourse basis. Credit facility approvals under the programme rose 15% yearon-year toUS$103 million in 2011. Loans outstanding under this programme also increased by 29% to US$ 70.4 million.

It is expected that activity under the programme will grow over the medium-term.

AFREXIMBANK • THE TRADE FINANCE BANK FOR AFRICA

US$126.5 million Approvals in 2011

US$44 million Approvals in 2011

ASSET-BACKED LENDING PROGRAMME

RECEIVABLES PURCHASE/ DISCOUNTING PROGRAMME

There is growing demand from African entrepreneurs for financing to enable them take advantage of privatization and local content promotion opportunities in the continent by acquiring physical assets. These assets can serve as collateral.

Under this programme, the Bank discounts bills of exchange, promissory notes, irrevocable letters of credit and book debts, in each case normally guaranteed by an acceptable bank (Dual Recourse). The Facilities operated under this programme include (i) Forfaiting, (ii) Invoice/receivable discounting, (iii) Factoring and (iv) Joint bill discounting/financing and Refinancing Facility.

Approvals under the programme during 2011 amounted to US$126.5 million, representing a 336% increase over the level in 2010.

Approvals under the programme in 2011 amounted to US$44 million.

AFREXIMBANK • THE TRADE FINANCE BANK FOR AFRICA

US$85 million

US$100 million

Approvals in 2011

SPECIAL RISK PROGRAMME

COUNTRY PROGRAMME

Under the facility, the Bank guarantees international and African banks with credit exposures to African borrowers against certain country risk events. Coverage can be up to 100% of a lender’s exposure and typically covers exchange control regulation, moratorium on debt payment, and changes in law affecting the timing, currency or manner of debt repayment. One advantage of utilizing this facility is that, as a result of the various exemptions agreed to by those African states party to the Establishment Agreement, Afreximbank enjoys preferred creditor status in those countries.

This Programme is aimed at assisting the Bank’s member countries in peculiar difficulties not amenable to solutions offered by any one programme in the Bank’s menu of products. It combines advisory services, financing and technical assistance. Approvals under this Programme amounted to US$100 million in 2011.

Approvals in 2011 amounted to US$ 85 million.

AFREXIMBANK • THE TRADE FINANCE BANK FOR AFRICA

CARBON FINANCING PROGRAMME

INVESTMENT BANKING PROGRAMME

The Bank launched a Carbon Financing Programme with the purpose to finance environmentally-friendly projects in Africa via project-based trading of Certified Emission Reductions (CERs) under the Kyoto Protocol’s Clean Development Mechanism (CDM), as well as pre-financing receivables from carbon credits earned and traded by African businesses and governments thereby contributing to reductions in carbon emissions and abating consequential climate change. Afreximbank expects to implement some projects in 2012 given the advanced stage of development of a number of deals in the pipeline.

The programme was introduced in 2000. The Bank, under this programme, provides advisory, underwriting, consulting and similar support to its clients in line with the Bank’s mandate.

AFREXIMBANK • THE TRADE FINANCE BANK FOR AFRICA

ECA LOANS FACILITATION PROGRAMME The purpose of this Programme is to promote export manufacturing in Africa in order to diversify Africa’s exports away from commodities. As a special programme, it provides not only financing but also advisory and twinning services that facilitate transfer of technology and market access. The Bank, has since the late 2008, been leveraging international financing into Africa through its partnership with ECAs, who provide financing and guarantees for the importation of essential and capital goods from their country, and DFIs, who provide term financing for essential projects. Some of the partner ECAs that the Bank recently received funding support from include Japan Bank for International Cooperation, the US Department of Agriculture’s GSM-102 programme, Korea Exim Bank, Saudi Export Program, SACE Italy, the Swedish Exports Credits Guarantee Board (EKN), Export-Import Bank of India, China Exim Bank, Euler Hermes, US Exim, and Export Development Corporation (EDC), Canada. The Bank also received funding support from DFIs, including the International Finance Corporation (IFC) of the World Bank Group, African Development Bank, China Development Bank, and the Development Bank of Southern Africa, among others. During the last three years, the Bank mobilised external funding support in excess of US$700 million from ECAs and about $500 million from DFIs.

AFREXIMBANK CONSTRUCTION/ TOURISM - LINKED RELAY FACILITY (CONTOUR) In recognition of the economic contribution and developmental impact of tourism in Africa and its mandate to promote African trade, including service exports, Afreximbank recently launched a special instrument for the financing of tourism facilities in Africa. The financial product, Afreximbank Construction/ Tourism-linked Relay Facility (CONTOUR), is managed through a risk sharing arrangement under which a partner bank or similar institution is responsible for structuring, arranging and providing loans for the construction of hotels and other tourism facilities as a real estate project on the back of a contingent guarantee provided by Afreximbank. Recourse to Afreximbank under the guarantee is limited to the successful completion and hand-over of the real estate project and delivery of the security taken for its construction financing to the Bank. Upon completion of construction of the tourism facility, construction financing parties are refinanced by Afreximbank, which also provides additional financing for Furniture, Fittings and Equipment (FF&E) and pre-operating expenses for the hotel or resort facility. The risk sharing arrangement ensures that tourism infrastructure projects benefit from the experience of partner institutions in managing the risks in real estate development and Afreximbank’s expertise in structuring financial future flow transactions as they relate to hotels and tourism facilities.

AFREXIMBANK • THE TRADE FINANCE BANK FOR AFRICA

AFREXIMBANK â&#x20AC;˘ THE TRADE FINANCE BANK FOR AFRICA

AFRICAN CORRESPONDENT BANKING AND LETTER OF CREDIT CONFIRMATION FACILITY (AFRICORRBANKING) The Bank, through the Facility, offers: (a) correspondent banking services to African banks to enable them make payments and collections around the world, and (b) dedicated Letter of Credit Confirmation Facility for the promotion of intra- and extra-African trade. This Facility is hinged on the extensive experience the Bank has gained across Africa through the use of African banks as trade finance intermediaries (TFIs). The product is designed and implemented through partnerships. In this regard, under the Facility, the Bank works with leading international banks as Africorrbanking Partners (APs).

The APs are banks that offer full banking services around the world, especially in Europe and Asia, with strong presence in Africa (for example, Standard Chartered Bank) or have taken a decision to expand and/or support their operations in Africa, such as Sumitomo Mitsui Banking Corporation (SMBC).

27 AFREXIMBANK â&#x20AC;˘ THE TRADE FINANCE BANK FOR AFRICA

These banks have the skills and resources to offer sophisticated correspondent banking services around the world. Based on their extensive branch network and correspondent relationships, they are able to advise, confirm and negotiate Letters of Credit (LCs) across major regions of the world.

STATEMENT OF FINANCIAL POSITION

Amounts stated in US$ ('000) Statement of Financial Position Cash and due from banks Deposits with other banks Loans and advances to customers Hedging Derivatives Prepayments and accrued income

2007 33,304 48,734 702,864

2008 72,303 45,118 925,264

1,072,427

1,445,257

1,296 12,848 -

2011 122,040 230,000 2,345,379 80,279 69,644

811,642

1,462 1,703 11,925

2010 81,002 100,000 1,661,249 444 48,584

Total Assets

1,874 229 13,783

14,813

2009 94,886 126,281 1,144,663 27,563 36,774

1,864 220 12,845

1,905,423

2,867,558

Due to banks Hedging derivatives Debt securities in issue Deposits and customer accounts Other Liabilities Total Liabilities

373,782

553,829

67,975 23,766 465,523

102,068 32,591 688,488

618,189 26,800 295,679 56,670 26,752 1,024,090

1,024,016 296,395 93,392 34,941 1,448,744

1,190,794 74,740 842,781 157,851 89,292 2,355,458

Share capital Share premium General reserve Retained earnings Total capital funds

161,416 13,193 82,270 89,240 346,119

165,082 16,605 97,641 104,611 383,939

166,300 18,002 114,448 122,417 421,167

166,372 18,039 131,649 140,619 456,679

169,172 22,793 154,783 165,352 512,100

Total liabilities & capital funds

811,642

1,072,427

1,445,257

1,905,423

2,867,558

10,854

Orther assets Property and equipment * Investment Property *

6,152 14,064 -

* The bank moved to its new headquarters in Heliopolis in November 2010. As a result, the headquarters building which was previously classified as Investment Property in 2009 is now included in Property and equipment.

Total Assets, 2007 - 2011, (US$ 000s)

Loans and Advances, 2007 - 2011, (US$ 000s)

3,000,000

2,000,000

2,500,000

1,500,000

1,000,000

500,000 0

500,000

2007

2008

2009

2010

2011

2007

2008

2009

2010

2011

AFREXIMBANK • THE TRADE FINANCE BANK FOR AFRICA

STATEMENT OF COMPREHENSIVE INCOME

Amounts stated in US$ ('000) Statement of Comprehensive Income Interest income Interest expense Net interest income Fee and commission income Fee and commission expense Net fee and commission income

2007 51,561 (20,564) 30,997

2008 57,987 (22,824) 35,163

2009 58,739 (20,220) 38,519

2010 101,566 (59,202) 42,364

2011 146,393 (76,632) 69,761

18,180 (1,243) 16,937

25,703 (2,949) 22,754

31,564 (8,634) 22,930

28,783 (1,618) 27,165

20,020 (2,539) 17,481 2,138

Other operating income Operating income

276

48,210

443

58,360

419

61,868

2,446

71,975

89,380

Other operating expenses Exchange adjustments

Operating profit before adjustments

(9,621) 1,351 39,940

(12,465) (1,928)

(15,429) (2,156) 44,283

(20,173) 523 52,325

(22,512) (83)

Investment property income Allowance for impairment on loans & advances thereof collective imparment allowance Provisions (net)

(3,225) 3,494 (191)

1,703 (6,762) 4,641 (166)

1,732 (3,103)

(7,735)

(3,762)

42,613

44,403

NET INCOME FOR THE YEAR

36,524

Operating income, 2007 - 2011, (US$ 000s)

(299)

38,742 60,000

90,000

66,785

(187)

(5,156) 57,867

Net income, 2007 - 2011, (US$ 000s)

50,000

80,000 70,000

40,000

60,000 50,000

30,000

40,000

20,000

30,000 20,000

10,000

10,000 0

43,967

2007

2008

2009

2010

2011

2007

2008

2009

2010

2011

AFREXIMBANK • THE TRADE FINANCE BANK FOR AFRICA

KEY STRENGTHS OF THE BANK 1

Strong Capitalisation

 Very strong Tier 1 capital Ratio of over 20%;

 Callable capital of US$ 250 million is a strong buffer for unexpected risk events.

Highly Liquid Balance Sheet

 Loan portfolio has an average tenor of 1 year.

 Most of these loans are linked to actual export trades, with about 60% secured with collateral outside of the obligor’s country, domiciled mainly in OECD countries; and

 The loan book and the funding are based on variable interest rates.

Good Asset Quality

 Apart from a short average maturity, the portfolio is well diversified across financial institutions (who act as intermediaries) and corporate sectors;

 Most of the loans are self liquidating short-term structured trade financings of which 87% are secured;

 Documentation of most transactions is governed by English law; and  End of 2011, the Bank’s Non-performing loans (NPL) were only 0.3% of Gross Loans.

Constant Access to International Capital Markets

 Since 2000, Afreximbank has been able to tap the international loan market consistently, raising an aggregate amount of more than US$ 4 bn over the years.

 In 2011, the three major credit rating agencies, that is, Fitch, Moody's and Standard and Poor's affirmed the Bank's long term ratings of BBB-, Baa2 and BBB- respectively. All ratings were assigned Stable Outlook.

 In 2011, the Bank tapped the Syndicated Loan market, securing loans of an aggregate amount of US$ 307.5 million and € 119.25 million with more than 25 banks in Europe, Middle East, Africa and Asia.

 In July 2011, the bank issued a benchmark size bond of US$500 million under its EMTN program.

Experienced Management

 Afreximbank’s Board of Directors and Management are experienced international bankers with strong links to African Governments, central banks and commercial banks with sound market knowledge and integrity; and

 This knowledge is used consistently to support member countries and to spearhead initiatives across Africa. Management has built a credible brand over the years.

Highly Efficient and Profitable Operations

 The Bank operates on a low cost basis. Cost-Income Ratio of below 30% (28% in 2010 and 25% in 2011); and

 Afreximbank generated Return on Equity (RoE) consistently above 10% and Return on Asset (RoAs) above 3% over the last three years.

Supranational/Preferred Creditor Status

33 AFREXIMBANK • THE TRADE FINANCE BANK FOR AFRICA

AFREXIMBANK • THE TRADE FINANCE BANK FOR AFRICA

COOPERATIONS/INITIATIVES

AWARDS

 Implementation of Trade Finance programme with AfDB.

In recognition of the contributions of the Bank in the promotion of African trade especially at the height of the crisis, awards for excellence were conferred on the Bank in 2011 namely;

 Afreximbank initiated the establishment of an Alliance of African International Financial Institutions (AAIFI). This alliance is meant to look into the opportunities for enhancing the effectiveness of individual African financial institutions through risk sharing, joint deal origination, co-branding of services.

 Mr. Ekra is currently the Honorary Chairman of G-NEXID, an organization of Eximbanks and Development Finance Institutions based in Geneva, which was promoted by UNCTAD.  Dr Oramah is Chairperson of the Africa Chapter of the International Factors Group (IFG).

 Afreximbank is a member of the working group established to fashion out a framework for effective participation of the African private sector in trade policy formulation under the WTO/AfDB/UNECA sponsored PAFTRAC (Pan-African Private Sector Trade Policy Committee).

AFRICA INVESTOR

TRADE FINANCE

EMEA FINANCE

AADFI

Trade Finance Bank of the year

The Best DFI in Africa Award by the Trade Finance Magazine.

Best Supranational Bond Award

Best Development Finance Institution in Africa

AFREXIMBANK • THE TRADE FINANCE BANK FOR AFRICA

Trade Finance Bank forAfrica

The

African Export-Import Bank Banque Africaine dâ&#x20AC;&#x2122;Import-Export

HEADQUARTERS 72(B) El Maahad El Eshteraky St. Heliopolis, Cairo 11341, Egypt P.O. Box 613 Heliopolis Cairo 11341, Egypt Tel: +20 2 24564100/1/2/3 ABUJA BRANCH OFFICE No. 2 Gnassingbe Eyadema Street Asokoro Garki, Abuja Nigeria Tel: +234-94620606

HARARE BRANCH OFFICE Eastgate Building 3rd Floor Gold Bridge (North Wing) Gold Bridge 2nd Street Harare-Zimbabwe Tel: +263-4-700904

W W W. A F R E X I M B A N K . C O M