The Kingdom of Lesotho has joined The African Export-Import Bank (“Afreximbank” or the “Bank”) as a Participating State. In a ceremony held here today at the sidelines of the 2009 Annual Meetings of the African Development Bank Group, the Honorable Minister of Finance of the Kingdom of Lesotho, Mr. Timothy Thahane formally delivered to the President of the Bank, Mr. Jean–Louis EKRA, an Instrument of Accession to the Agreement Establishing the African Export-Import Bank duly executed by the Government of the Kingdom of Lesotho. Lesotho’s accession to the Bank Agreement brings to 34 the number of African countries that have signed or acceded to the Bank Agreement. It was also announced during the ceremony that The Kingdom has made payments towards its participation in the equity of the Bank as a Class A shareholder. The application will be considered by the Board of Directors of the Bank at their meeting expected to hold on 30th June 2009.

In his Statement at the ceremony, Mr. EKRA said he was highly elated by Lesotho’s membership of the Bank. “First, it expands the membership of the Bank and by extension, the number of countries eligible to receive the Bank’s services. As trade is a 2-way affair, it makes it possible for Lesotho to receive Afreximbank’s support for its trade with 33 other African countries as well as its trade with the rest of the world……; second, the membership of Lesotho assures us that the work the Bank is doing is relevant to the needs of our Continent. This will further reinvigorate the Bank to continue to tenaciously pursue its mandate. It will also make it possible for the Bank to diversify the geographic spread of its portfolio while extending its trade and development impact across Africa.

Further, Mr. EKRA outlined some of the work the Bank intends to carry out in Lesotho now that the country has joined the Bank. Mr. EKRA mentioned that the Bank will shortly begin an aggressive intervention in Lesotho’s trade sector including establishing a line of credit for its important textile sector as well as creating an institutional capacity for export financing in the Kingdom.

The African Export-Import Bank (“Afreximbank” or the “Bank”) was established in October 1993 by African governments, African private and institutional investors, as well as non?African financial institutions and private investors, for the purposes of financing and promoting intra? and extra?African trade. The Bank was established by the adoption of its basic constitutive documents, namely, the Agreement for the Establishment of the Bank (the “Establishment Agreement”), which confers on the Bank the status of an international organization, and the Charter of the Bank, governing its corporate structure and operations. Afreximbank is headquartered in Cairo, Egypt and has branch offices in Harare (Zimbabwe), and Abuja (Nigeria)

Lesotho is a Kingdom with a population of about 2.3 million. The Head of State is His Majesty King Letsie III. Lesotho belongs to all major multilateral organizations and is a leading exporter under the Africa Growth and Opportunity Act of the US Government. The official language is English

  • Publishing Date : May 13, 2009

Print This Page