President El-Sisi sets $350B growth target for Afreximbank: bank’s new head George Elombi

CAIRO - 26 October 2025: Egyptian President Abdel Fattah El-Sisi has called on the African Export-Import Bank (Afreximbank) to expand its assets to $350 billion within the next decade, newly appointed president George Elombi said during his investiture ceremony in Cairo.

Elombi, who succeeds Benedict Oramah as president and chairman of the board of directors, described the target as both “inspiring and achievable,” adding that it reflects the bank’s growing role in driving Africa’s financial resilience and economic transformation.

He credited Egypt’s leadership for strengthening the bank’s operational base and regional footprint since its establishment in Cairo nearly three decades ago. “Egypt’s vision and support have been pivotal in advancing Afreximbank’s mission and its commitment to African integration,” Elombi said.

Under Oramah’s tenure, Afreximbank’s total assets and guarantees rose more than eightfold to $43.5 billion in 2025, while revenues increased sevenfold to $3.24 billion, and net income reached $1 billion by the end of 2024.

Elombi outlined a seven-pillar strategy to sustain the bank’s growth, focusing on advancing value addition, intra-African trade, and digital innovation, while mobilizing global African capital and reinforcing financial strength.

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

Highlighting Afreximbank’s crisis-response role, Elombi recalled its interventions during the COVID-19 pandemic and the Ukraine conflict, describing the Pan-African Payment and Settlement System (PAPSS) as a “key milestone in Africa’s financial integration.”

Addressing new challenges, Elombi warned against “increasingly hostile attacks” on the Preferred Creditor Status of African multilateral institutions, calling such moves “a direct challenge to African sovereignty.”

“The road ahead is ambitious and cannot be walked alone,” he said. “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.”