Under the guidance of President Abdel Fattah El-Sisi, Egypt has played a crucial role in strengthening the the African Export-Import Bank's (Afreximbank) operational base, enhancing its regional presence, and supporting its bold vision for the continent’s financial resilience, stated George Elombi, the newly appointed president and chairman of the board of directors of the Afreximbank.

Elombi revealed that President El-Sisi had urged Afreximbank to raise its ambitions further, setting a target of $350 billion in assets within the next decade, a challenge Elombi described as both inspiring and achievable.

Speaking during his investiture ceremony in Cairo, the newly inaugurated Afreximbank president praised Egypt for its steadfast partnership and support since the bank’s establishment, describing the country as a cornerstone of its success.

“I extend my sincere gratitude to the people and Government of Egypt, my generous hosts for the past twenty-nine years, for providing my family and me with a welcoming second home,” Elombi said. “I am especially grateful to President Abdel Fattah El-Sisi for his visionary leadership and for the confidence he has placed in Afreximbank to drive Africa’s transformation.”

Elombi emphasized that Egypt’s support reflects its long-standing commitment to regional integration and economic development, noting that the country has consistently backed initiatives that strengthen Africa’s trade and industrial base.

He reaffirmed Afreximbank’s commitment to deepening collaboration with Egypt and other African member states to accelerate the implementation of the African Continental Free Trade Area (AfCFTA) and advance the goals of Agenda 2063 for a prosperous and self-reliant continent.

“Together with Egypt and our partners across Africa, we will continue to build a stronger, more connected continent capable of competing globally,” he said.

The ceremony, held at Afreximbank’s headquarters in Cairo, marked a leadership transition from Benedict Oramah to George Elombi, symbolizing both continuity and renewal in the bank’s mission to promote intra-African trade, industrialization, and financial stability.

During his address, Elombi outlined a bold and transformative vision for Africa’s trade, industrialization, and economic integration. He paid tribute to his predecessor, Benedict Oramah, for a decade of “bold, courageous leadership” that propelled the bank to record growth.

Under Oramah’s tenure, Afreximbank’s total assets and guarantees grew more than eightfold, from $5 billion in 2015 to $43.5 billion in 2025, while revenues rose sevenfold to $3.24 billion. Net income reached $1 billion at the end of 2024, marking a 700% increase over the past decade.

The new president praised Afreximbank shareholders for their strong commitment, noting that they had injected $2.4 billion in fresh capital within four years, 92% of their pledged amount and one year ahead of schedule, despite global economic challenges.

Highlighting Afreximbank’s crisis response role, he recalled the bank’s interventions during the COVID-19 pandemic, the Ukraine conflict, and the rollout of the Pan-African Payment and Settlement System (PAPSS), which he described as “key to Africa’s financial integration.”

Looking ahead, Elombi presented a seven-pillar strategic vision focused on advancing value addition, deepening intra-African trade, strengthening trade-enabling infrastructure, leveraging digital innovation, mobilizing global African capital, enhancing financial strength, and expanding strategic partnerships.

He announced plans to create new financing windows for processing Africa’s strategic minerals, develop a “Shared Integrated Infrastructure Ecosystem for Trade,” and explore the establishment of a Pan-African Digital Currency and Stablecoin to enhance financial integration and innovation.

On mobilizing global African capital, Elombi proposed the creation of a Pan-African Sovereign Wealth Virtual Fund Network, aimed at pooling and investing Africa’s collective resources in transformative projects such as cross-border infrastructure and industrial ventures.

He reaffirmed Afreximbank’s strong commitment to the AfCFTA and announced plans to scale up digital initiatives such as the Africa Trade Gateway (ATG), Africa Trade Exchange (ATEX), and PAPSS to support SMEs and accelerate regional integration.

Addressing emerging challenges, Elombi warned of what he described as “increasingly hostile attacks” on African multilateral financial institutions’ Preferred Creditor Status (PCS), calling them a “direct challenge to African sovereignty.” He emphasized that Afreximbank’s PCS is enshrined in its founding treaty and reaffirmed the bank’s determination to “defend its mandate to transform Africa’s trade structure.”

Expressing gratitude to the government and people of Egypt for hosting the bank’s headquarters for nearly three decades, he also thanked all shareholders, African governments, and CARICOM partners for their confidence and support.

“The road ahead is ambitious and cannot be walked alone,” Elombi concluded. “Our mission remains to transform the structure of Africa’s trade, to process, to produce, and to ensure that Africa’s wealth works for Africa’s future.”