Over the past few years, aware of the constant headwinds affecting trade and development on the continent, it has worked diligently to solidify its asset base.
It has achieved the remarkable feat of more than doubling its asset base, from $14.43 billion in 2019 to an impressive $32.82 billion as of 31 March, 2024.
This achievement is particularly noteworthy given the challenging market conditions since the onset of the pandemic in March 2020. Hard on the heels of the global economic shutdown during the pandemic came the triple-headed demons of war, massive supply chain disruptions and soaring interest rates.
African countries have had to grapple with the additional burdens of shrinking aid packages, higher than average sovereign loan rates, constricted credit, mounting inflation, stagnant commodity demand, rising unemployment and in many cases, galloping cost-of-living rises.
Africas financial institutions found themselves stretched to the limit trying to cope with the polycrisis and help keep their national economies, and themselves afloat. This called for nimble, innovative but sure-footed approaches.
