Afreximbank cancels 2020 annual meeting events

STAFF REPORTER

The African Export-Import Bank (Afreximbank) shareholders will this year hold their annual general meeting (AGM) by correspondence after the bank cancelled events that were supposed to be held during the AGM due to coronavirus pandemic.

Afreximbank president Benedict Oramah said the decision to hold the shareholders’ meeting by correspondence was made after careful consideration of all available options to ensure the bank complies with its governance requirements.

The 27th annual meetings were supposed to run from June 10 to 13 in Sharm El Sheikh, Egypt.

“Our priority is to guarantee the wellbeing and comfort of our shareholders and partners which requires that we comply with health and safety protocols put in place by our host country,” Oramah said, adding that the measures were necessary and in line with the bank’s proactive efforts to combat the pandemic.

“As a leading pan African institution, Afreximbank’s response strategy has been to lead by example in taking proactive and timely measures.”

Afreximbank’s annual meetings are among the bank’s most prominent events and sought-after by banking industry professionals, trade and trade finance practitioners and other parties involved in economic development from across Africa and beyond. They are also attended by business and political leaders and have been ranked among the most important gatherings of economic decision-makers in Africa.

Oramah said the bank’s next AGM will take place in 2021.

Covid-19 has affected African economies amid indications that economies will contract this year. As of Monday, the continent had 63,293 confirmed cases, 2,290 deaths, 21,837 recoveries and had infected 53 countries.

Covid-19 has also affected the holding of key meetings and events. In March, the United Nations Economic Commission for Africa postponed its annual meeting of African ministerd of Finance and Economic Planning.

Last month, Afreximbank, the African Union and Rwanda said they have postponed by one year the second Intra-African Trade Fair (IATF),  initially set to take place from September 1 to 7 in Kigali, Rwanda.

The event will now be held from September 6 to 12 2020. The third edition of IATF will now be held in 2023 to be in line with the two-year intervals between IATF events.

Last month, the African Development Bank postponed the annual meetings to August 25 to 27 in Abidjan, Cote d’Ivoire. The meetings were originally scheduled to run from May 25 to 29.

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