African Export-Import Bank (Afreximbank) has announced that Japan Credit Rating Agency (JCR) has affirmed its long-term issuer rating of A- and maintained the “Stable” outlook. The affirmation of Afreximbank’s issuer rating is testament of the Bank’s ever strengthening credit profile and positions to continue to expand and escalate its interventions in Africa, in whose long-term economic development it plays a pivotal role.
JCR Rating Agency noted, in its assessment, the strategic role that Afreximbank’s current Sixth Strategic Plan (2022-2026) plays towards the Bank’s fulfilment and deliverance of its mandate, as well as its crucial work in support of initiatives aligned with the goals of the African Union (AU). Moreover, JCR identified strong shareholder support for Afreximbank’s operations, citing as evidence the healthy progression of capital increases since 2014 as well as the African Union supported US$6.5 billion General Capital Increase (GCI) approved by the Bank’s Board of Directors in June 2021.