African Export-Import Bank has released its consolidated financial statements for the six months ended 30 June 2024.
The Group’s results for the six months period once again demonstrate  resilience amid challenging macro-economic conditions. The Group delivered solid year-on-year growth across key performance metrics and an increase in shareholder value.
Net Interest Income for H1’2024 grew by 24.5% to US$826.2 million, compared to US$663.6 million for the same period last year (H1’2023). The increase was driven by a 31.42% increase in interest income to US$1.5 billion, on the back of growth in the Bank’s portfolio of Loans and advances. The Group’s performance for the period reflects that of the Bank as subsidiary entities are still in their early stages of development, with the notable exception of the Funds for Export Development in Africa (FEDA) which contributed US$11 million to the Net Interest Income of the Group, compared to US$9.1 million at H1’2023.
Afreximbank achieves solid first half 2024 growth
International Islamic Banking forum successfully concluded
The 5 th International Interest-Free Banking & Takaful Forum, organized by AlHuda Centre of Islamic Banking and Economics (CIBE), successfully took place from August 20th to 21st, 2024, in Addis Ababa, Ethiopia. The event brought together an array of industry leaders, scholars, and practitioners from across Africa and beyond to discuss and explore the burgeoning potential of Islamic finance in the African continent.
The Forum aimed to facilitate a dynamic exchange of ideas and promote the growth of Interest-Free finance in Africa, a region poised to become a new frontier for Islamic banking and Takaful. The event featured in-depth discussions on critical topics such as the regulatory landscape of Islamic finance in Africa, investment opportunities in Interest-Free banking, the role of Takaful in financial inclusion, and the impact of Islamic fintech innovations on the African market. These discussions were instrumental in mapping out the strategic direction for Islamic finance in the region.
LAPSSET corridor development program gains momentum
The 4th Ministerial Council Meeting of the Lamu Port, South Sudan, Ethiopia (LAPSSET) Corridor Development Program was held in Lamu, Kenya, with representatives from Kenya, Ethiopia, and South Sudan in attendance. The meeting was also graced by the presence of Stephen Karingi, Director of the Regional Integration and Trade Division of the United Nations Economic Commission for Africa (ECA).
The meeting marked significant progress in the implementation of the LAPSSET Corridor Development Program, a regional infrastructure project aimed at connecting the three countries through a network of ports, highways, railways, pipelines, airports, and resort cities.
Stephen Karingi, speaking on behalf of the United Nations Under Secretary General and Executive Secretary of the Economic Commission for Africa (ECA), emphasized the importance of the LAPSSET Corridor in the context of the African Continental Free Trade Area (AfCFTA) and the Vienna Programme of Action for Landlocked Developing Countries.
Karingi urged the three countries to prioritize the closing of missing infrastructure links in the LAPSSET Corridor, advance the priority value chains identified for development along the economic corridor with a regional lens, and put in place a regional coordination framework to sustain the momentum of the project.
AfDB supports study tour to Brazil to inspire African cities
From August 5 to August 13, 2024, representatives from seven African cities visited the Brazilian cities of Sao Paulo, Fortaleza and Curitiba, to discover inspiring solutions being implemented by local authorities to promote sustainable urban development.Â
The Study Tour, organised as part of the African Development Bank’s African Cities Program (ACP), launched in 2020, was financed by the South-to-South Cooperation Trust Fund (SSCTF) in collaboration with the Bank Group’s Urban and Municipal Development Fund (UMDF), with the participation of the C40 Cities Climate Leadership Group.
The trip was inspired by the idea that peer exchanges between cities in the Global South can enrich the urban planning approaches and strategies of decision-makers in African municipalities. (Press release)
