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FINANCIAL NEWS
Egypt based Africa bank to grow assets to USD7b in 2016
22 Sep 2015
(MENAFN) Africa Import Export Bank (Afreximbank), the Egypt based bank whose primary objective is to promote and finance trade within the African continent and trade between Africa and other continents, is expecting growth.
Current total capital of the bank is about USD1.2 billion and is projected to hit USD2 billion soon, while its assets which are currently worth USD6.3 billion are promised by the bank’s new president to reach USD7 billion in 2016.
The bank announced its yearly strategy, which consists of turn the African economy into a true broad economy by focusing on the promotion of intra-African trade, with the vital result of transforming the export sector in Africa.
Furthermore, the bank stressed on the fact that when there is intra-trading, Africa will have cooperative advantage, and can compete with other countries like China, plus the urge of encouraging manufacturers to exports goods.
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