President George Weah has resubmitted for ratification, a Bill titled: An Act ratifying the agreement for the establishment of the African Export-Import Bank (AFREXIMBANK) which was submitted to that august by former President Ellen Johnson Sirleaf on November 27, 2017.
AFREXIMBANK is a pan-African Financial Institution founded in October 1993 to accelerate the growth of trade in Africa. It has a mandate to finance and promote intra and extra-African trade through credit (trade and project financing) risk bearing, guarantees and credit insurance and trade information and advisory services.
According to President Weah's communication, Liberia stands to benefit from the bank's support in development of financial markets, facilitation of trade beyond the extractive sector and attraction of foreign exchange among others.
"As we seek to build a strong and vibrant financial system that will support private sector development and inclusive economic growth, I ask the legislature to ratify this legal instrument for the establishment of the African Export-import Bank in Liberia," he said in the communication addressed to House Speaker, Bhofal Chambers.
The communication was forwarded to the committees on Banking and Currency and judiciary to report in two weeks.