Afreximbanks Progress In Its Five-year Strategy Is Evident Through Its Achievements

In November 2023 Afreximbank appointed Haytham ElMaayergi as its Executive Vice President for the Global Trade Bank GLTB. With the Banks annual meetings having been held in the Bahamas in June, its an opportune moment to discuss ElMaayergis vision for his new role and to receive an update on the Banks ambitious five-year strategy plan, Impact 2026 Extending the Frontiers.

When asked what he is most looking forward to achieving in his new role as executive vice president of the Global Trade Bank, six main areas of focus were highlighted. ElMaayergi aims to strengthen Afreximbanks role as a bank of banks, positioning it as a supermarket for African banks. Developing new rating methodologies tailored to Africas unique identity will speed up approval processes and financing deployment. He plans to establish an African risk trading desk to improve risk exchange liquidity in the secondary market. Converting part of Africas trade transactions and finance to digital will enhance efficiency, reduce risks, and foster global trade growth. Expanding Afreximbanks non-regional footprint by capturing key corridors, particularly focusing on South-South exchanges, is another priority.

Lastly, he intends to revamp Afreximbanks Advisory and Capital Markets to become a key business generator, adding investment bank products to better support African trade finance operators. This will help them manage risks, navigate regulatory challenges, expand into new markets, develop innovative products, improve efficiency, build capacity, and enhance client relationships.

At the midpoint of Afreximbanks five-year strategy, ElMaayergi shared some key achievements and highlights in an exclusive interview. He began by explaining how the Bank has been driving industrialisation and export development through project and asset-backed financing, which has enabled cost-effective and timely debt-raising to benefit Africas industrial growth. He mentioned the creation of the Project Preparation Unit, which aids public and private entities in member countries to prepare projects that attract equity and debt finance. So far, weve developed a pipeline of about 2bn worth of projects ready for execution, he noted proudly.

ElMaayergi highlighted several flagship initiatives, including the Afreximbank Guarantee Programme AFGAP. AFGAP is designed to offer credit enhancement solutions and de-risk African transactions for non-African investors and financiers, he explained. Another key initiative is the African Export-Import Bank Payment Digital Solution AfPay, which promotes financial inclusion and economic growth by providing secure and convenient cross-border payment services. He also mentioned the Africa Trade Facilitation Program AFTRAF, which supports critical imports, boosts intra-African trade, and enhances economic growth by facilitating compliance with international banking regulations.