Shareholders of the African Export-Import Bank (Afreximbank) have approved an increase in the authorised share capital from $5 billion to $25 billion.

A statement issued by Vincent Musumba, Afreximbank’s manager, communications and events, on Wednesday, said the increase recognised the rapid growth of the bank in response to the challenges facing the African continent.

Mr Musumba said it also created capacity for the bank to support the growth and development envisaged for Africa in line with its mandate to promote the continent’s trade and affirm its relevance on the global stage.

He said the bank also made some changes to its board during its 31st Annual General Meeting held recently in Nassau, The Bahamas.

Mr Musumba said the new board members include Lydia Jafiya, permanent secretary, federal ministry of finance in Nigeria, and Amadou Hott, special envoy of the president, African Development Bank (AfDB) Group on the Alliance for Green Infrastructure in Africa.

He said others are Noël Akame, director-general, National Social Insurance Fund (CNPS) of Cameroon, and Yu Wen, general manager, International Department, Export-Import Bank of China (CEXIM).

Mr Musumba quoted Benedict Oramah, president and chairman, Board of Directors, Afreximbank, as saying: The overwhelming endorsement by shareholders of the historic increase of the bank from $5 billion to $25 billion reflected their firm belief.

“It also reflected their firm trust in the board and management of the bank and the bank’s mission.

“This move gives us the necessary headroom to mobilise the capital we need to create a bank that serves all Africans.”

Mr Oramah said Afreximbank was most grateful to the departing board members for their services to the bank and Africa.

“They were, for many years, part of a formidable team that made significant contributions to the bank’s vision for Africa, created alliances, and assisted Africa in navigating major headwinds.

“We welcome our new board members. We look forward to their support and insight as we strive to build a prosperous global Africa.

“Together, we will restore dignity and pride to Africans around the world.”

(NAN)