The Board of Directors of the African Export-Import Bank (Afreximbank) has concluded its first meeting under Dr. Benedict Oramah who, on 21 September, took up leadership as President and Chairman of the Board of Directors of the Bank, adopting a number of key decisions linked to the vision of the new President.
The Board, which met in Victoria, Seychelles, on 12 December, approved a number of structural changes sought by the President to enable him deliver on his mandate, including an organogram review which will see the introduction of new functions as follows:
- An Intra-African Trade Initiative, which will report directly to the President;
- A Quality Assurance Unit to be responsible for monitoring the Bank’s existing loan portfolio in order to provide early warning and ensure that threats to loan quality are dealt with in time to avert default;
- A Client Relations Department, which will interface between the Bank (particularly its product officers) and clients;
- An Export Development Department; and
- An innovations function under the Strategy and International Cooperations Department
The Board also approved the launch of the Countercyclical Trade Liquidity Programme under which the Bank is to provide more than $3.5 billion to eligible member countries to enable them adjust to current adverse economic shocks, especially commodity price and terrorism-induced ones.
The President had used the occasion of the meeting to reiterate his vision for the Bank, which focuses on the advancement of intra-African trade, and had told the Directors that he would require the support of the Board and its sub committees as they all had important roles to play in the realisation of that vision.
Dr. Oramah then presented the Bank’s work programme and budget for 2016 to the Board.
The meeting of the Board of Directors also saw several other statutory meetings holding on the side-lines, including those of the Audit Committee, the Remunerations Committee and the Executive Committee, all of which were being held for the first time since Dr. Oramah became president.
In addition, as part of activities during the meeting of the Board of Directors, the Afreximbank Senior Management team met with Seychelles’ Minister of Investment, the Minister of Finance and the Governor of the Central Bank to discuss arrangements for the Bank’s 23rd Annual Meeting of Shareholders, which is scheduled to take place in the country in 2016.