Afreximbank promotes its products on Seychelles market |22 May 2015

The African Export-Import Bank (Afreximbank) aims to increase awareness of the bank and its products on the Seychelles market as the country continues to find ways to improve ease of access to credit for our business community.

This came out yesterday during a forum the bank organised at the Eden Bleu hotel.
 It is targeting increased trade financing for Seychelles businesses by showcasing the line-up of financing programmes and facilities available from Afreximbank to the Seychellois business community and presentations and case studies on how to access them. The bank offers include credit, loans and guarantees.

The forum was attended by the Minister for Finance, Trade and the Blue Economy Jean-Paul Adam; the Afreximbank regional manager of Southern Africa based in Harare, Zimbabwe, Gift Simwaka; the Governor of the Central Bank, Caroline Abel; representatives of Seychelles’ private sector organisations such as the Chamber of Commerce and Industry, bankers’ associations, exporters associations as well as those of government-owned entities operating commercially in the country. The Central Bank of Seychelles was facilitating the event as a shareholder of the Afreximbank.

Afreximbank, headquartered in Cairo, Egypt, was established in October 1993 as a Pan African Exim Bank with 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. Afreximbank is playing an important role in promoting trade in Africa and sub-regions in fulfillment of its mandate.

In his remark for the occasion, Minister Adam said that Seychelles is at a stage where we need to re-evaluate, re-energise ourselves for the way forward. We have to come up with new opportunities and differentiate ourselves.

“I think that one of the great opportunities for us, for example the partnership being developed in relations with Afreximbank, is about how we use the Seychelles brand.  Seychelles has a uniquely lucrative name. We conjure up images of beauty, sustainability of purity which I think few other countries have that association with, which is uniquely named to our name in Seychelles. We are constrained of not having that much space but we have many ideas. We can use that lucrative name of Seychelles, our Seychelles brand, to create many more opportunities,” said Minister Adam, urging all to be innovative by looking at new areas and how we can build on our existing strengths.

And his message to financial institutions whether local banks or international partners is to engage in the context of the specificities of Seychelles. He mentioned ongoing negotiations between Afreximbank and the Seychelles Pension Fund which he said are in the final stages.

 “Being an open economy, trade is at the heart of the Seychelles economic agenda. As such, the country stands ready to benefit from Afreximbank’s facilities. It is in light of this that we consider this awareness event to be timely and we would like to encourage the Seychellois business community to work closely with Afreximbank to increase its financing in the country. On our part as Central Bank, we shall provide every necessary support,” said Ms Abel.

She urged businesses to take advantage of this opportunity to create long-lasting, fruitful partnerships that will culminate in increased trade finance, particularly in support of tourism and value-added exports.

She also hoped that working with various stakeholders, Afreximbank will identify viable projects to finance in various sectors including tourism, manufacturing, fisheries and agriculture among sectors critical to the achievement of overall growth and diversification.

Mr Simwaka said that Afreximbank is pleased to share with the Seychelles business community information on its institutional profile and its products which are available for the benefit of Seychelles.

He added that the Afreximbank, with its various programmes and financing facilities, would like to be part of the phenomenal economic transformation story that Seychelles is experiencing today.