Shareholders of the African Export-Import Bank (Afreximbank) at its 31st Annual General Meeting held recently in Nassau, The Bahamas, approved the a 400% increase in its authorised share capital from US$5bn to US$25bn.

This, the bank said in a statement on Wednesday, recognizes its rapid growth in response to the challenges facing African, while also creating capacity to support the growth and development envisaged for the continent in line with its mandate to promote trade within the continent, thereby affirming its relevance on the global stage.

Commenting, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank hailed “the overwhelming endorsement by Shareholders of the historic increase of the bank from US$5bn to US$25bn.”

The approval, he continued, “reflected their firm belief and trust in the Board and Management of the bank and in the bank’s mission.

“This move gives us the necessary headroom to mobilise the capital we need to create a bank that serves all Africans,” he stressed.

The bank also announced changes on its board, with Mrs. Lydia Shehu Jafiya, Permanent Secretary of Nigeria’s Federal Ministry of Finance elected to replace Aliyu Ahmed in the Class A category. Also, Amadou Hott, the current Special Envoy of the President of the African Development Bank (AfDB) Group on the Alliance for Green Infrastructure in Africa and former Senegalese Minister for Economy, Planning and Cooperation fills the position of the AfDB’s nominated board seat.

In class “B,” Noël Mekulu Mvondo Akame, currently the Director General of the National Social Insurance Fund (CNPS) of Cameroon, was elected in the place of Jean-Marie Mani.

For Class “C,” Ms. Yu Wen who currently serves as the General Manager of the International Department at the Export-Import Bank of China (CEXIM), was elected to replace Ms Lili Yang.

Speaking on this development, Prof. Oramah expressed the gratitude of Afreximbank “to departing Board Members for their services to the Bank and Africa. They were for many years, part of a formidable team, that made significant contribution to the Bank’s vision for Africa, created alliances, and assisted Africa in navigating major headwinds. We welcome our new board members. We look forward to their support and insight as we strive to build a prosperous Global Africa. Together, we will restore dignity and pride to Africans around the world.”