Story audio is generated using AI
The presence of Ebola in various parts of Africa has forced a continental development funding institution in which the government has shares to cancel in-person attendance for its 2026 annual general meeting (AGM).The African Export-Import Bank (Afreximbank) announced a change in arrangements for its 2026 AGM and related events, which were scheduled for June 21 to 24 in El Alamein, Egypt. This year’s meeting will no longer take place in person.In April, South Africa became a sovereign class A shareholder in Afreximbank, while the Export Credit Insurance Corporation (ECIC) and the Public Investment Corporation (PIC) hold class B shares.“This follows recent decisions by the government of the Arab Republic of Egypt and the AU to postpone the AU Mid-Year Co-ordination Summit and the inaugural Alamein Africa Forum — originally scheduled to take place in El Alamein from 25–27 June 2026," Afreximbank said.“This decision was taken on public health and safety grounds in light of the evolving health situation in parts of the continent. The formal meeting of shareholders will now be conducted by correspondence.”The government of Egypt has announced that it has the Ebola challenge under control, but the country is not taking chances and has even proposed delaying the AU Summit to October.The interruption comes at a critical time for Afreximbank, as it is the first AGM since Cameroonian lawyer George Elombi took over as president from Nigerian economist Benedict Oramah, whose term ended at the 2025 meeting in Abuja, Nigeria.“We recognise the time, planning and commitment that delegates, speakers, partners, sponsors and other participants have devoted to the events,” Afreximbank added.Afreximbank has had its fair share of challenges over the past year. In January, it announced a decision to terminate its credit rating relationship with Fitch Ratings after the agency downgraded its long-term issuer default rating to BB+ from BBB-.This week, ratings agency S&P assigned Afreximbank a BBB+ long-term issuer credit rating and an A-2 short-term issuer credit rating, with a stable outlook.Miyelani Mkhabela, CEO and chief economist at Antswisa Capital Partners, said Afreximbank has a golden opportunity to parlay its response to the current Ebola crisis into an intervention that can give the institution more prestige on the world stage.“I think health sparks global attention, and the intervention for Afreximbank to participate through funding for health will give the bank a global presence. It repositions it to be a leading bank that attends to global causes similar to the IMF and the World Bank.”He added Afreximbank has a history of providing support to African nations during health challenges, including the Covid-19 pandemic and global lockdown, by playing a role in securing equipment and vaccines.“Afreximbank has assisted in vaccine finance. During Covid-19, it worked with one of the leading pharmaceutical companies and intervened in one of the biggest global health challenges of the century.”It is positive to see the African vision in health-related goals come to prominence in this way, where African nations are not aiming for institutions to support the continent but for a home-grown institution to lead the intervention.“The Ebola sustainable funding will trigger global wire and reposition them as a prestigious bank that is intervening in these matters. That is the greatest that I feel this year could reposition them on, and we are aiming to see something great come out of that.”In February, chair of parliament’s trade, industry and competition portfolio committee, Mzwandile Masina, said the signing of the instrument of accession by President Cyril Ramaphosa and Dr Elombi will allow South Africa to leverage the bank’s stronger investment-grade rating and preferred creditor status.“This balance between large-scale industrial investment and inclusive growth is important for South Africa. We affirm our support as a committee for initiatives that promote industrialisation, regional trade and inclusive economic growth.”This week, Afreximbank released Volume 10, Issue 1 of its Trade and Development Finance Brief, titled “Africa’s Trade and Investment Landscape”.The organisation has been a champion of initiatives aimed at deepening intra-Africa trade, such as the African Continental Free-Trade Agreement and the Pan-African Payment and Settlement System.
