Dr George Elombi, President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), has commended the bank’s member countries and shareholders for sustaining the institution through successive capital contributions and economic crises.
Elombi spoke at the opening ceremony of the Alamein Africa Forum 2026 in New Alamein, Egypt, attended by Egyptian President Abdel Fattah El-Sisi, government officials and other African leaders.
He particularly praised Egypt, one of Afreximbank’s founding countries and its host nation, for its longstanding support for the bank.
Elombi recalled that Egypt signed the agreement to host Afreximbank on August 31, 1994, when the institution was barely a year old.
For more than three decades, Cairo has remained the bank’s home, while Egypt has also hosted major Afreximbank initiatives, including the Intra-African Trade Fair.
He noted that Egypt stepped in again in 2023 at short notice to host the trade fair after the bank was unable to secure another host.
Elombi also acknowledged Egypt’s role in the development of Afreximbank’s new global headquarters in the New Administrative Capital.
“Mr President, thank you,” he said.
Afreximbank, he added, was pleased to partner with Egypt’s Ministry of Foreign Affairs and the African Union Development Agency (AUDA-NEPAD) to convene the Alamein Africa Forum.
Looking back at Afreximbank’s origins, Elombi recalled that African governments came together in Abuja in October 1993, at the height of the continent’s debt crisis, to establish an institution capable of extending credit and supporting trade within Africa.
“You did not accept that verdict. You created Afreximbank – a bank owned by Africans, governed by Africans, answerable to Africans,” he said.
Elombi said the bank’s response to successive global crises had demonstrated the value of having a financial institution dedicated to African economies.
He cited Afreximbank’s interventions during the COVID-19 pandemic, including providing liquidity to sustain trade and financing vaccines for African countries.
He also pointed to a US$4 billion programme launched in response to the disruption caused by the war in Ukraine, which affected food and energy prices.
More recently, he said the bank’s board approved a US$10 billion Gulf Crisis facility following disruptions to shipping lanes, fuel markets and fertiliser supplies.
“When Africa needs its bank, its bank must be there,” Elombi said.
Elombi highlighted the financial strength of Afreximbank, saying shareholders’ funds had risen to almost US$9 billion, while net income increased by 30 per cent in the first half of the year.
He added that the bank’s balance sheet was now about six times larger than it was a decade ago.
According to him, the growth was supported by successive capital increases by member countries, including almost US$300 million in fresh equity contributed in 2025.
He said shareholders had paid another US$226 million so far this year, with an additional US$300 million expected.
“That is ownership made tangible. And it matters for what comes next,” he said.
