Afreximbank Targets $250 Billion Balance Sheet in Decade-Long Growth Drive

The African Export-Import Bank (Afreximbank) has unveiled an ambitious plan to expand its balance sheet to $250 billion within the next 10 years, as part of a bold strategy to transform Africa’s trade and industrial landscape. The announcement was made by the bank’s newly appointed president, George Elombi, during his inaugural address in Cairo, Egypt, where he pledged to build a stronger, more capitalized institution that drives Africa’s economic independence.

Elombi revealed that Egyptian President Abdel Fattah El-Sisi, one of Afreximbank’s key supporters, challenged the institution to aim even higher — towards $350 billion — underscoring the scale of Africa’s financial ambitions. “That challenge is not about numbers but about greater impact,” Elombi said, calling for the creation of a powerful financial engine capable of financing Africa’s transformation. “Only a strong, well-capitalised institution can make the scale of investments required to reshape our continent,” he added.

Outlining his strategic vision for the next decade, Elombi emphasized three main priorities: boosting value addition through local processing, deepening intra-African trade, and developing trade-enabling infrastructure. He declared an end to the export of unprocessed raw materials such as bauxite and manganese, insisting that Africa must process its resources domestically to create jobs, earn more foreign exchange, and strengthen industrial capacity. He also pledged collaboration with institutions such as the African Finance Corporation and the Trade and Development Bank to finance value chains from extraction to manufacturing.

Elombi further vowed to work closely with the African Continental Free Trade Area (AfCFTA) Secretariat to break down trade barriers, promote regional integration, and enhance the free movement of goods, capital, and people. “Fear not your own people. Open your borders,” he urged African leaders, calling for courage in uniting markets and expanding domestic industries. He also underscored the need for massive investment in roads, railways, ports, pipelines, and digital infrastructure, while hinting at the creation of a Pan-African digital currency to accelerate financial inclusion.

Reflecting on Afreximbank’s legacy, Elombi praised the institution’s exponential growth over the past decade, with total assets and guarantees climbing to $43.5 billion and net income rising to $1 billion by the end of 2024. He pledged to sustain that momentum by mobilizing global African capital — from sovereign wealth funds to diaspora investments — to finance the continent’s future. “This is not just about finance; it is about ownership and redefining the African development story,” Elombi said. “Africa’s wealth, wherever it resides, must work for Africa’s future.”

source: Leadership