Africa’s fourth largest economy, Algeria, has joined the African Export-Import Bank (Afreximbank) as a member state as the trade finance bank expands its shareholder base.
The north African nation becomes the 52nd African member state to become a shareholder.
Algeria’s accession to the agreement establishing Afreximbank was formalised last month.
Algeria becomes a Class ‘A’ shareholder in the bank and will be represented by the Algerian Ministry of Finance, Afreximbank said in a statement.
The North African nation has the 9th largest population in Africa and is member of the African Union, the African Continental Free Trade Area (AfCFTA) and the Greater Arab Trade Area.
Afreximbank president Benedict Oramah said the bank looks forward to a “successful partnership that will enable Algeria to firmly establish itself as a strong participant in intra-African trade and investments”.
“Algeria’s membership of Afreximbank is momentous. It brings Africa’s 4th largest economy within the Afreximbank family and creates a platform for Afreximbank’s AfCFTA intervention to be more impactful and paves the way for deeper cooperation between the Bank, the Algerian Government, the Algerian Central Bank and Algerian importers and exporters,” Oramah said.
The trade finance bank has been on a drive to recruit member states. The number of member states rose to 51 in 2021 from 38 in 2015.