Historic signatures were put on agreements to establish and host a Fund for Export Development in Africa (FEDA) in Rwanda.Â
Rwanda's Ambassador to Egypt, Alfred Kalisa, also a highly experienced banker, and Afrxim Bank executives on Sunday afternoon, November 22, put pen to the establishment of the continental multi-billion fund.
The monumental signing was held in Egypt's capital Cairo.
The Kigali-based FEDA will be the bank's subsidiary providing seed capital to companies seeking to grow their export markets.
The fund will initially raise US$500 million and later grow to over US$ 1 billion within a few years of operation. Afrexim Bank has already committed US$350 million to the fund including commitments for operation of a credit fund, strategic investments and partnerships.
'The ability to host FEDA is testament to the good leadership and pan-Africanism of Rwanda.' â€" Prof. Benedict Oramah, President of Afrexim Bank said.
'Today, we make history, one that will be remembered for decades. We bring hope for small businesses. We commit to re-energize Africa's industrial aspirations and support the emergence of regional supply chains one of the goals of the African Continental Free Trade Agreement,' Oramah said.
The fund initially targeted at US$500 million is expected to grow to over US$ 1 billion within a few years of operation. @afreximbank has already committed US$350 million to the fund including commitments for operation of a credit fund, strategic investments and partnerships.
'Thank you for your confidence in Rwanda and its efforts to increase private equity investments, in sectors critical to driving Intra-African Trade and export development,' Ambassador Kalisa said.
'FEDA is expected to address the issue of long term funding and draw Foreign Direct Investment to Africa'- Prof. Benedict Oramah at the Signing Of the Establishment Agreement, HQ Agreement and the MOU for the Fund for Export Development in Africa btwn @afreximbank and @RwandaGov pic.twitter.com/oTwc7sV0sg
â€" Afreximbank (@afreximbank) November 22, 2020
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