African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has responded to the devastation caused by Hurricane Beryl, donating over half a million US dollars to aid disaster relief and rebuilding efforts across Caribbean countries that were hard-hit.
Hurricane Beryl severely devastated the Grenadian islands of Carriacou and Petite Martinique as well as several islands in Saint Vincent and the Grenadines, including Union Island and Mayreau. It also impacted Saint Lucia and Barbados to a lesser extent.
Mr. Okechukwu Ihejirika, Acting Chief Operating Officer of Afreximbank Caribbean Office delivered a letter of solidarity from Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, to the Prime Ministers of the four nations.
In the letter, Prof. Oramah, pointed out that the impacted nations were part of the 11 Caribbean Community (CARICOM) countries that were participating in Afreximbank under a Partnership Treaty entered by, and between Afreximbank and CARICOM Member States. He added that it was only important for the Bank ‘to stand with them at this difficult time’.
“The news of the hurricane’s impact has deeply saddened us, and our thoughts are with everyone affected by that devastating event. However, the strength and resilience of Caribbean people is well-known; we have no doubt that these qualities will shine through during this difficult period,” said President Oramah.
Besides delivering on its trade and development mandate, the Bank also takes proactive steps to help countries deal with global climate and health emergencies, given the rising frequency and intensity of climate and health disasters in Africa and the Caribbean.
Distributed by APO Group on behalf of Afreximbank.
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About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2023, Afreximbank’s total assets and guarantees stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.
For more information, visit: www.Afreximbank.com