Afreximbank and BDEAC Sign MoU to Boost Economic Development in Central Africa

The memorandum marks a significant milestone in enhancing economic cooperation and integration efforts within Central Africa, positioning Afreximbank and BDEAC to play pivotal roles in driving sustainable development across the region.

Afreximbank (African Export-Import Bank) and BDEAC (Banque De Dévelopement des Etats de L’Afrique Centrale) have formalized their collaboration through a memorandum of understanding (MoU) aimed at enhancing trade and economic development within the Central Africa region.

Key Points of the MoU:

Cooperation Framework: Signed during the Afreximbank Annual Meetings (AAM2024) in the Bahamas, the MoU solidifies and expands the existing partnership between Afreximbank and BDEAC. It emphasizes joint efforts to support Africa's economic development agenda, particularly in the Economic and Monetary Community of Central Africa (CEMAC).

Areas of Collaboration: The MoU outlines various areas of collaboration, including equity participation, project identification and co-financing, capacity building, and information exchange. These efforts aim to foster structural transformation through infrastructure development, sustainability-linked interventions, and trade finance initiatives.

Strategic Integration: Mrs. Kanayo Awani, Executive Vice President of Afreximbank, highlighted the strategic importance of the partnership with BDEAC in advancing integration projects. The MoU also opens possibilities for cross-shareholdings between the institutions, enhancing their mutual support and long-term growth capabilities.

Leadership Endorsement: Jean Paterne Megne Ekoga, Vice-President of BDEAC, and Mrs. Kanayo Awani signed the MoU, underscoring their commitment to leveraging their institutions' strengths for regional economic benefit.

Outcome of AAM2024: The MoU signing took place at the conclusion of AAM2024, which also hosted the AfriCaribbean Trade and Investment Forum (ACTIF2024), emphasizing collaborative efforts to boost intra-regional trade and support the implementation of the African Continental Free Trade Area (AfCFTA).

The memorandum marks a significant milestone in enhancing economic cooperation and integration efforts within Central Africa, positioning Afreximbank and BDEAC to play pivotal roles in driving sustainable development across the region.