Afreximbank board members call on President Michel |21 July 2016

The African Export-Import Bank (Afreximbank) board members yesterday paid a courtesy call on President James Michel at State House.

The board members are here in Seychelles for the next few days where they will hold their annual meeting of shareholders which will bring all the countries of Africa and beyond to Seychelles as well as the programme of seminars and meeting of the advisory group of trade finance and development in Africa. Therefore it was an opportunity to thank the Seychelles head of state for agreeing to host this meeting.

He said issues to be discussed include the financial performance of the bank, the economic development in Africa and the prospects as well as the type of interventions Afreximbank would be making to support the different countries especially those going through difficulties as a result of commodity price shock which many economies are witnessing.

One of the topics of discussion during the seminar will be the Blue economy and how it presents a new frontier for development for Africa.

Speaking on the bank itself, Mr Omarah said Afreximbank is a Pan-African multilateral trade finance bank, created some 22 years with headquarters in Cairo, Egypt. Seychelles is one of its members and the bank has been very supportive of the economic development in Seychelles. He also mentioned the various projects financed by the bank.

“The bank supported the financing of the airport construction; the first reclamation of the Eden Island which enabled the project to take off; the Felicite Island project that is being undertaken,” he said.

Regarding future projects, Mr Omarah said there are discussions to put in place finances for small and medium enterprises (SMEs) and a programme to support the Blue economy agenda of the government of Seychelles.

Elaborating on why Seychelles was chosen to host the meeting, Mr Omarah said normally African countries bid to host the meeting. The shareholders then make a decision about that.

“I think because Seychelles is seen as a paradise in Africa. That is why many shareholders did not have any problem agreeing to come to Seychelles this year,” said Mr Omarah.