The African Export-Import Bank (Afreximbank) has revealed that about 80 per cent of its balance sheet is currently invested in loans and development projects across Africa, highlighting its strong commitment to financing infrastructure, industrialisation and economic growth on the continent. Speaking during the Afreximbank Mid-Year Media Roundtable in Abuja, the bank’s President and Chairman of the Board of Directors, Dr George Elombi, said the institution remains focused on directing its resources towards projects that create lasting economic value for African nations.
According to Elombi, Afreximbank was established to support Africa’s development and has deliberately chosen to invest its funds within the continent rather than placing them in foreign financial markets. He explained that the bank continues to finance critical sectors including infrastructure, manufacturing, trade and industrial development, all of which are essential for creating jobs, boosting productivity and accelerating economic transformation across Africa.
The Afreximbank president also defended the bank’s financial strength amid recent credit rating concerns, arguing that the institution deserves a higher rating based on its performance and financial fundamentals. He noted that shareholders remain confident in the bank’s operations and have continued to support it through capital commitments and increased deposits. Elombi stressed that the bank’s ability to approve major financing for governments, central banks and private sector projects has remained strong, demonstrating that its lending capacity has not been affected.
Beyond financing, Elombi renewed calls for the creation of an African credit rating agency that can assess African institutions based on the continent’s realities rather than broad assumptions about risk. He said Africa possesses highly skilled professionals in banking, finance and accounting who are capable of developing credible rating systems that reflect the true strength and opportunities within African economies. According to him, such an initiative would help provide fairer assessments of African companies and financial institutions.
On the Pan-African Payment and Settlement System (PAPSS), Elombi described the platform as a major breakthrough for intra-African trade. He disclosed that PAPSS is now fully operational in 28 countries and connects more than 190 commercial banks, fintech firms and payment switches. The platform’s African Currency Marketplace is already helping businesses exchange local currencies directly, reducing reliance on the U.S. dollar. He cited a recent transaction involving the Dangote Group and Ethiopian Airlines as an example of how the system is easing foreign exchange pressures. Afreximbank is also preparing to launch the PAPSS Card, a new payment solution that will allow Africans travelling across the continent to make transactions in their local currencies while settlements are processed seamlessly in the background.
source: The guardian
