Afreximbank Appoints New President to Drive Growth and Industrialization in Africa
The Board of Directors of the African Export-Import Bank (Afreximbank) has chosen George Elombi, a Cameroonian national and current Director of Governance, Legal Services, and Enterprise Services, as its next President. Elombi will succeed Nigerian Benedict Oramah, who is retiring after two terms.
A Seasoned Leader with a Proven Track Record
George Elombi has played a crucial role in shaping the bank's structure, including the creation of key subsidiaries that have enabled its expansion. He has contributed to mobilizing over $2 billion for the acquisition and deployment of vaccines in African and Caribbean countries during the COVID-19 pandemic. Additionally, he has helped increase the bank's equity to $3.6 billion.
A New Era for Afreximbank
As the fourth President of the bank since its establishment in 1993, Elombi takes office at a critical moment when the financial institution is facing the aftermath of a rating downgrade by Fitch, a decision widely contested. His primary challenge will be to transform Afreximbank into a $250 billion institution over the next decade.
Ambitious Growth Plans
Under Oramah's leadership, the bank has increased its capital base to over $40 billion, up from around $4 billion when he took office in 2015. The bank aims to more than double its commercial financing to exceed $40 billion by the end of next year.
About Afreximbank
Afreximbank, owned by African governments and private investors, is the largest trade financing bank in Africa. Its primary mandate is to industrialize the continent by increasing intra-regional trade, which currently stands at only 17%.
