ESWATINI TO GAIN MARKET ACCESS IN 50 COUNTRIES
Minister of Finance Neal Rejkenberg

ESWATINI TO GAIN MARKET ACCESS IN 50 COUNTRIES

The buying of shares in Afreximbank will allow Eswatini to easily do business with over 50 other African countries who are already shareholders. Currently the country’s major exportable items are sugar, cotton, and wood pulp, which are exported to such countries as the United States of America, European Union markets, and South Africa.
Meanwhile food, fuel and energy as well as capital goods are important importable commodities in the country, with Japan, Singapore and South Africa being major import partners. Parliamentarians were called to a Joint Sitting last Friday, where they were informed that the country was looking at buying 100 shares in the African Export-Import Bank (Afreximbank) for E26 million, entitling it to 10 percent of profits annually. Government is seeking parliament’s blessing to invest in the continental bank. At the last count, Afreximbank had 146 shareholders
across the public and private sector. The parliamentarians were first taken through a briefing by Principal
Finance Officer in the ministry of Finance, Mxolisi Fakudze, who explained that the bank sought to close existing gaps that made it hard for African countries to do business with each other. Afreximbank is a Pan-African multilateral financial institution, headquartered in Cairo, Egypt. Established in 1993, Afreximbank’s mandate is to finance and promote intra- and extra- African trade using three broad services.
• Credit (Trade Finance and Project Finance)
• Risk-bearing (Guarantees and Credit Insurance)
• Trade Information and Advisory Services
The Bank has three regional branches and one representative office to cover the continent. These are Harare, Zimbabwe Branch, managing the Southern African Countries; Abidjan, Côte d’Ivoire Branch, managing the Francophone West and Central Africa Countries; Abuja, Nigeria Branch, managing the Anglophone West African Countries. As of November 2018, Afreximbank was in the process of establishing a regional branch office in Kampala, the capital city of Uganda. The authorized share capital of the Bank is E70 billion. Authorized share capital is the number shares that a company can issue as stated in its memorandum of association or its articles of incorporation. As of May 2018, the bank’s shareholders, totaling 146, were divided into four categories:
• Class ‘A’ shareholders – African governments, African central banks, African Development Banks and African Economic Organisations.
• Class ‘B’ shareholders – African Private Investors and African National Financial Institutions.
• Class ‘C’ shareholders – International Financial Institutions, Non-African Financial institutions, export credit agencies, and non-African Private Sector Firms.
• Class ‘D’ Shareholders – Open to subscription by any investor, African or non-African. Of recent, Afreximbank has partnered with the African Development Bank, African Central Banks, and other international and national strategic
partners to launch MANSA, a collaborative CDD/KYC information repository platform with a special emphasis on African financial institutions and corporates to enable global institutions, partners and counter-parties to access African entities’ CDD profiles and information as well as leverage the platform to conduct customer due diligence
on African entities; Financial institutions, Corporate and SME. In December 2018, the Bank held the First Intra-African Trade Fair (IATF) which took place in in Cairo, Egypt. Afreximbank just launched its Trade
Facilitation Program in August 2018
to African Banks.

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