Libya joins Afreximbank membership agreement

The State of Libya has officially acceded to African Export-Import Bank (Afreximbank) Establishment Agreement, becoming the 53^rd nation to become a member / participating state and marking an important step towards full continental coverage and advancement of the continental integration agenda through trade and investments.

The accession document, signed by His Excellency Dr. Khaled Al-Mabrouk Abdullah, sets the stage for the Libyan government and Afreximbank to cooperate on key development projects in Libya, with a focus on trade facilitation, infrastructure development and financial support to the North African nation.

Some of the projects identified for cooperation include the financing of the development of the Misurata Free Zone, and construction of a road connecting the State of Libya, Chad and the Republic of Niger expected to significantly boost Intra-African trade. Afreximbank will also provide technical and financial assistance to the Sahel-Saharan Bank for Investment and Trade (BSIC) to expand its operations within East Africa, in addition to providing technical training and support to Libyan exporters to benefit from trade finance structuring and access to African markets.